Commercial Bank of Dubai becomes the first bank in the region to complete live deployment of Misys’Trade Finance system on the SaaS model
Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, has become the first Bank in the Middle East and North Africa region to implement Misys' trade finance system on Software as a Service (SaaS) model. Notably, CBD's initiative will be the first deployment of a trade finance solution on the SaaS model for a major bank in the region.
CBD plans to extend its leadership position in trade finance by augmenting its online capabilities and introducing innovative supply chain products like Tasdeer Export Finance and Non-recourse Factoring, including Islamic Shari 'a-compliant trade products
“The trade finance market is rapidly evolving and it is important that we have the most advanced technology underpinning our business growth,” said Mahmood Hadi , Chief Operations Officer at CBD. “To maintain our strong position in the market, we chose the Misys TI Plus solution offered on a ‘pay as you go' SaaS model by Encore Theme. I am happy to note that CBD is the first bank in the region to go live on the SaaS model”.
Added Lakshmanan Sankaran , DGM & Head of Operations and Trade Finance at CBD, “The TI Plus software not only offers full support for our range of conventional, Islamic and supply chain trade finance products, but also is seamlessly integrated with our core banking system. This helps us to simplify our processes and keep costs to a minimum, allowing us to offer faster turnaround times and more convenience, keeping abreast with our customers' needs. We are delighted to partner with Encore and Misys in this project and note with satisfaction, that the CBD and Encore Theme have been able to implement the software and go live in a record amount of time.”
Encore has played an instrumental part in providing the solution via the Software-as-a-Service (SaaS) delivery model. “We are living in a time where the only certainty is uncertainty”, said Hari Padmanabhan, Executive Chairman of Encore. “In such times, banks need technology solutions that can deliver a business outcome at a pre-determinable cost per transaction. This variable cost model enables them to match cost with revenue, and protect and enhance their bottom line. By working with the Encore Theme + Misys partnership, CBD will also gain a competitive advantage by reducing the turnaround time for delivering transactions to trade customers, and at a lower cost per transaction. Encore is proud to be the pioneer in offering the benefits of the SaaS solution to the banking sector in the region.”
" Our world-class trade finance solution gives CBD an unrivalled capability to meet the demands of the current trade finance market, both in customer service and full front-to-back functionality. Working in such a rapidly changing market as the Middle East is a challenge for any bank and we are delighted to be able to provide CBD with the best system for its needs in this key region," said Amer Attar, Partner Sales Senior Director - Middle East and India.
During the evaluation process, CBD reviewed a number of different trade finance offerings. The bank's final selection of an integrated Misys TI Plus and Misys Trade Portal was based on the domain expertise of Encore and Misys professionals, extensive product functionality and the ability to deliver the solution using the SaaS model.