Pakistan’s Muslim Commercial Bank (MCB Bank) has selected IBM and Misys to provide solutions that will automate its treasury operations.
“Innovation is what has helped MCB Bank become one of the leading banks in the region,” said Mohamad Ramzan, head of treasury and foreign exchange at MCB Bank. “IBM’s services and the deployment of Misys Opics Plus will enable us to take new products to the market faster while meeting the central bank’s regulatory requirements.”
Under the new partnership, IBM will provide implementation services together with Misys to deploy Misys Opics Plus for MCB Bank, which the bank expects will standardise financial mechanisms and help minimise complexities. According to Misys, which is a global application software and services company, the new solution will integrate the bank’s financial instruments and departments, improve transparency and accountability of financial management and support decision making and governance. MCB Bank’s clients will be able to access services through a single point, improving convenience.
“The application of smarter solutions has a key role to play in the transformation of banking around the world,” said Farhan Ashfaq, financial services sector leader at IBM in Pakistan. “In countries like Pakistan where companies are still building their infrastructures, banks have an opportunity to implement systems that increase efficiency, stability and manageability of their organisations, help manage risks, allowing them to leapfrog the competition and win new customers.”
The agreement between MCB Bank, IBM and Misys was signed in June this year and is still being rolled out. Upon completion, MCB Bank will be able to provide financial services to its customers quicker and more efficiently. The bank aims to streamline its existing operations to comply with new regulations from the State Bank of Pakistan with this project.
MCB Bank is one of Pakistan’s largest private sector banks in terms of market capitalisation. It operates more than 1,100 branches and 600 automated teller machines throughout the country.
