By Daniel Stanton
Rafidain, Iraq's largest state bank, begins one of world's largest core banking implementations.
Iraq's biggest state bank has agreed one of the world's largest core banking technology implementation projects, continuing the modernisation of the country's financial sector.
Rafidain Bank has selected an integrated turnkey core banking solution from Misys and B-Plan Information Systems, it was announced on Wednesday.
The solution includes the deployment of electronic clearing systems, the Misys core banking solution, and the supporting hardware and communications network across the bank's 148 domestic and seven regional branches.
Iraq's Central Bank and Ministry of Finance signed a formal memorandum of understanding in December 2006 on the operational and financial restructuring of state-owned banks, which includes the deployment of electronic clearing systems.
Bayan Jabr, Iraq's Minister of Finance, said: "I am determined to modernise the banks. My wish is that every Iraqi citizen has a Visa card and for every Iraqi citizen to have a bank account which he is able to manage through the internet, regardless of whether he is a government employee or not."