Commercial Bank of Dubai awards deal to Int'l Turnkey Systems

The Commercial Bank of Dubai signed a contract for the provision of a state of the art core banking system with International Turnkey Systems (ITS), a leading IT solutions provider in the Middle East.

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By  Massoud Derhally Published  October 1, 2001

The Commercial Bank of Dubai signed a contract for the provision of a state of the art core banking system with International Turnkey Systems (ITS), a leading IT solutions provider in the Middle East.

Under the contract ITS will introduce London Bridge with its Phoenix Core Banking System – a fully integrated banking environment that covers all core areas of bank data processing and will bring significant benefits to Commercial Bank of Dubai customers and improve staff efficiency. A unique aspect of Phoenix has been making the management of the Bank’s total relationship with its customers at the heart of the new system.

The decision by the Commercial Bank of Dubai to select this system comes after several months of planning and detailed evaluation of different products and options before going ahead with ITS. The Phoenix system selected will be run on HP Platforms. “The Phoenix system gives us world-class financial services technology that will help us to deliver better services to our business and private customers throughout our branches across the UAE and enhance the competitive position of the bank,” said Yacoub Y Hassan Commercial Bank of Dubai General Manager, Business Group.

“We are committed to an ongoing investment in technology to ensure that we keep pace with international banking developments and can respond quickly and effectively to introduce new banking products and handle the demands of e-commerce and online banking,” added Hassan.

Mr Ibrahim Abdullah, Deputy General Manager, Administration & Finance at the Commercial Bank of Dubai, said: “In addition to supporting all core areas of bank data processing the Phoenix system provides significantly greater capabilities for the bank in a number of critical areas including Relationship Information Management (RIM), financial reporting and management decision support.”

Mr Mahmoud Hadi, Assistant General Manager, Systems and Operations at the Bank added that the system has a very open design that will allow wholesale banking functions such as treasury or dealing room capabilities that are not built into the system to be easily integrated or interfaced in the future.

ITS General Manager Mr Khalid Al Saeid said: “We are very proud to have been awarded the contract by the Commercial Bank of Dubai to supply the support and quality services they need to succeed in the growing financial arena. We are confident that the Phoenix system we are introducing will bring real benefits to the bank and its customers in the years ahead.”

Mr Al Saeid explained that the key features of the Phoenix Core Banking system were in relationship banking, executive information and financial reporting and product and service delivery.

He added that in the area of relationship management Phoenix has uniquely made the management of its bank’s total relationship with customers the heart of the system. This allows bank personnel to have immediate access to all customer information from account holdings and balances to financial statements, employment history and customer contact history.

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