Iran’s Bank Keshavarzi rolls out BANCS

Iran’s Bank Keshavarzi has selected Australian banking solution provider, Financial Network Services (FNS) BANCS solution to centralise its retail and wholesale banks, which serve more than four million customers and 12 million accounts.

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By  Maddy Reddy Published  December 22, 2004

Iran’s Bank Keshavarzi has selected Australian banking solution provider, Financial Network Services (FNS) BANCS solution for its centralised retail and wholesale banking services. The Iranian bank will initially roll out the new BANCS banking system to half of its branches to covering up to four million customers and 12 million accounts in the first phase of the project. FNS and its Iranian partner, Padisar Informatics will implement and customise the banking application to cater to the specific requirements of Islamic banking in the coming months. The cross-platform solution offers core banking functions with support for multiple currencies will centralise the bank’s workflow by automating its various branches spread across Iran. Bank Keshavarzi was originally created for the country’s agricultural sector. In its 70 years of operations, the Iranian bank has grown to 1846 branches serving more than five million customers and 15 million deposit and loan accounts. This is expected to grow considerably to an estimated 24 million accounts over the next few years. “FNS will supply the software and will develop the required customisation, in addition to supplying the services of software engineers as required from its Philippines based software centre,” says FNS’ regional vice president, David Parker. The bank is also implementing the BANCS Trade Finance, Treasury and Payments solutions deposit and loan products and other modules to cover its foreign exchange, global trade finance facilities and agricultural financing services. Furthermore, using BANCS Bank Keshavarsi can roll out internet, phone and mobile banking services in the future. “This is a sure means of providing better services to our customers. In order to be able to cater for their needs, we must undoubtedly utilise modern banking tools and practices, which can only be achieved through an integrated and comprehensive electronic banking solution,” says Nazari, member of Bank Keshavarzi’s Board of Directors responsible for IT.

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