By Staff writer
Commercial Bank International (CBI) has selected Silverlake Software to upgrade its banking system, giving the software company its first installation in the Middle East.
Silverlake will implement a completely integrated banking system incorporating 11 modules in banking for the UAE-based banking institution.
The modules include core banking, internet banking, trade finance, treasury, card management, customer relationship management (CRM), data warehouse & MIS, Islamic banking, collection and anti-money laundering.
The new system replaces the core banking and trade finance systems, Faris Saddi, chief information officer for CBI, expl- ained to IT Weekly, describing the upgrade as a “major change”. The other modules are new applications that were not previously deployed by the bank. Previously the systems were not linked, they will now be combined in one integrated system.
CBI decided to change the system, Saddi said, because the old system had run out of its capacity to grow, was no longer supported by the vendor and had become too cumbersome to maintain.
In selecting a new software provider, CBI said it considered a number of companies before narrowing the choice down to just two: Silverlake and another firm which the company did not wish to name.
“We chose Silverlake on the following basis: firstly, they are the most integrated system providers of a wide horizontal range of products; secondly, the commitment of the firm to new geographical locations, opening new markets; thirdly, the ease of implementation; and finally, parameterisation, it is a parameterised system that enables a bank to customise a system to its requirements,” Saddi said.
The two companies had not worked together before, he added, but CBI was impressed by the feedback it received on the firm during its research.
“We did five visits and talked to different users of the system and they all praised the system and the flexibility of the company and their after sales support,” he said.
Commenting on the collaboration, Khamis Buharoon, CEO of CBI, stated: “We are implementing an aggressive plan to achieve results within a short-time span and part of this involves utilising the most cutting edge software available. Silverlake fulfills this purpose and our requirements for maximum efficiency and total security.”For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.