The new Internet banking system will allow Boubyan Bank to offer a wide range of personalized online services to its customers while providing it with the flexibility and scalability needed to fuel its growth. Dubai, United Arab Emirates, June 10, 2007: Boubyan Bank, one of the newest banks in Kuwait, announced that its Internet Banking service has gone live with Sybase Financial Fusion’s e-finance suite. Boubyan Bank’s new Internet banking system will provide customers enhanced banking convenience, easy access, a host of functionalities and dynamic personalized content, while providing the bank with flexibility and scalability to enhance its online banking systems and meet the bank’s vision and strategies for growth.
“The main focus of Boubyan Bank is to offer best-in-class services to our customers. We believe in investing in the latest and best technologies to ensure that our customers get real-time services and the best banking performance. We wanted to develop an Internet banking service that would offer our customers easy access and convenience to bank anytime and from anywhere. We were looking for a solution that would be flexible, scalable, robust and built on an open platform with a host of functionalities for both retail and corporate customers,” said Mr. Kurien Varghese, Head of Information Technology Group of Boubyan Bank.
“We chose Sybase Financial Fusion’s e-finance suite because we felt very confident that their solution would meet all of our present and future requirements. Also, Sybase Financial Fusion is the premier internet banking solution in the world with some of the biggest global banks as its customers. The e-finance suite is very secure, scalable and flexible and operates in a J2EE environment, with a middleware platform which makes it easy for our Bank to deploy new software from any vendor without having to manage different platforms, systems or code. Their use of Java provides us with the flexibility that we were looking for to grow, expand and enhance our online banking system over time,†Mr. Varghese added.
Financial Fusion Inc., a division of Sybase Inc., is a leading provider of online banking and payments solutions to large financial institutions in the world and is ranked as one of the leading solutions for Tier 1 banks in the USA. Sybase e-finance suite incorporates solutions for Consumer and Corporate Banking needs. It provides an integrated enterprise platform for retail banking services such as account management, bill payment, transfers, eServices and credit cards as well as for corporate cash management customers that addresses areas such as Trade Finance interface, global payments and global transfers. It also deals with many areas in corporate cash management that include cash flow position, self administration, self multi-level approval framework in addition to comprehensive corporate reporting solution. E-Finance suite also supports multi-affiliations and subsidiaries running and managed by one single deployment.
“Our online banking implementation was carried out quite smoothly with continuous support from Sybase and Al Faris Information Technologies – who handled the implementation for this solution. We have implemented various levels of Firewalls, Intrusion Detection and Prevention systems and Network Access Controls, along with several other security measures. Before going live with the system, we engaged an external consultant to do penetration tests to ensure that the environment where Financial Fusion runs is secured from internal and external threats. Financial Fusion’s e-finance suite has advanced security features and our customers can be rest assured that their internet banking transactions will be safe and completely secure,†said Mr. Varghese.
“We are proud that Boubyan Bank chose Sybase’s e-finance suite for its online banking needs. Together with Al Faris Information Technologies – our implementation partner – we have introduced a truly unique solution. The new online banking system will provide the bank’s customers with an enhanced user experience, offering a wide range of online banking services and real-time transactions,” said Mr. Tony Achkar, General Manager of Sybase Products Middle East. “Delivering a single underlying enterprise platform that supports multiple applications and meets the scalability and functionality needs of leading banks continues to be a successful formula for Sybase. Since being introduced in the Middle East 24 months ago, eFinance Suite was selected by six leading financial institutions in Kuwait, United Arab Emirates, Jordan, Bahrain and
Qatar and we are looking for more success in 2007. We are very confident that Boubyan Bank will be satisfied with our world-class solution.”
“The latest achievement of Boubyan Bank Online Banking solution further demonstrates our leadership in building successful e-business solutions for our clients,” said Mr. Hamed Y. Al-zayed, Vice President and COO of Al-Faris. “The Sybase e-Finance Suite offers Boubyan Bank a great opportunity to evolve their e-business offering as customers require new services, thus ensuring long term ROI.” Mr. Al-zayed continued.
Boubyan Bank has gone live with Sybase Consumer Banking suite and the Corporate Banking suite is currently being planned to be implemented with Al Faris Information Technologies in Kuwait, who ensured that a professional team of trained technical and business people were available to ensure smooth delivery of the project. E-Finance Suite is integrated to the core banking systems through the solution’s middleware. This ensures that all systems are working in tandem from day one. The e-Finance Suite solution is being handled by the e-Banking division in the Banking Services group of Boubyan Bank with the IT team supporting them with project management, customization and other technical support.
About Sybase:
Sybase is the largest enterprise software company exclusively focused on managing and mobilizing information from the data center to the point of action. Sybase provides open, cross-platform solutions that securely deliver information anytime, anywhere, enabling customers to create an information edge. The world’s most critical data in commerce, communications, finance, government and healthcare runs on Sybase. With Sybase, customers can optimize and enhance the investments they already own, link together the valuable data resources already in place, and extend the reach of business-critical information to users on the front lines—giving them a financial, agility and productivity edge across all areas of their business.
Sybase is a trademark of Sybase, Inc. ® indicates registration in the United States of America.
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