Raqmiyat cashes in on finance vertical at MEFTEC

Raqmiyat has been exhibiting its portfolio of banking and financial systems and solutions at the annual MEFTEC exhibition being held in Bahrain on February 12-13, 2007.

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By  Duncan MacRae Published  February 13, 2007

Raqmiyat has been exhibiting its portfolio of banking and financial systems and solutions at the annual MEFTEC exhibition being held in Bahrain on February 12-13, 2007. The UAE systems integration firm hopes that its participation, in conjunction with its partners including Aperta, SoftPro, Unisys, Wallstreet Systems and Odyssey Financial Technologies, will consolidate its expansion in the Gulf region. Headlining the showcase is the 'Unified Front End' for financial institutions that will enable users to access multiple systems within a bank from a single unified front-end application. Also on display are the signature verification and fraud prevention systems from SoftPro, SOA vision for item processors from Unisys, cheque truncation systems from Aperta and Raqmiyat, and a whole suite of treasury and FX-related products from Wallstreet Systems. MEFTEC is also providing an ideal platform to extend the customer base of Odyssey Financial Technologies’ private banking and wealth management solutions and services. Tapas Roy, COO of Raqmiyat, said, “Retail lending, compliance to international standards (BASEL II), local initiatives mandated by the monetary agencies and the institutions’ desire to offer better customer experience at all touch points drive the financial technology spending in the Middle East. “MEFTEC is a very important event in that it represents a forum where ideas are born, provides a platform for discussing solutions and offers an unrivalled opportunity for vendors to exhibit their cutting-edge financial solutions,” Roy continued. “Solutions for customer acquisition, loan management, delinquency management, image cheque processing and BASEL II related services and products have all received a great level of growth and demand in the Middle East and we will surely capitalise on this increased demand,” added Roy. According to a recent study by IDC, banks in the Gulf represent the largest single vertical in terms of overall IT investments. This reflects the strong growth being witnessed in the financial services sector, which is expected to grow by 12% to 15% per annum. As a result, IT investments and spending by the financial services industry was a record US$1.4 billion in 2006.

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