In a significant advancement for corporate banking, AlRayan Bank has successfully implemented Finastra’s corporate channels, positioning itself to enhance its digital services for businesses.
"Going live with corporate channels is a major step forward in our strategy to offer best-in-class digital services to our corporate clients," said Omar al-Emadi, acting Group Chief Executive Officer of AlRayan Bank. This move aligns with the bank's objective to streamline operations while boosting customer satisfaction and retention.
The initiative marks a modernization of the bank's trade finance and cash management infrastructure, enabling it to introduce new mobile-first capabilities and reduce the time it takes for funds to be available. Notably, the project was completed in a swift four-month timeframe in collaboration with IBC Solutions, a regional provider of banking services across the Middle East and Africa.
"We have expanded our long-standing partnership with Finastra based on the richness of its functionalities, ease of integration, and rapid deployment," al-Emadi added, underscoring the strategic importance of the collaboration.
In conjunction with the launch of the corporate channels, AlRayan Bank upgraded to the latest version of Finastra’s trade innovation, which ensures compliance with the ISO 20022 MX messaging standard. This thorough upgrade allows AlRayan Bank to provide efficient and Shariah-compliant services across all aspects of its operations.
Houssam Itani, Group Chief Transformation Officer at AlRayan Bank, emphasized the commitment to customer-driven transformation through this upgrade. "The launch of the corporate channels is part of our larger vision to transform banking into a smoother, more efficient, and more personalised experience. It is also a testament to our improved ability to launch market-leading products faster and smoother," Itani stated.
Finastra’s corporate platform brings a modular digital banking solution that ties together various services for corporate clients, including trade, supply chain finance, cash management, financing, and treasury services. According to the bank, the platform incorporates essential security tools, features for regulatory compliance, and real-time data analytics, allowing AlRayan Bank to swiftly adapt to market dynamics.
The API-enabled nature of the Finastra platform allows for seamless integrations and flexible workflows that cater specifically to the needs of corporate clients. Furthermore, AlRayan Bank has also opted for Finastra’s Essence core banking solution while continuing to use the Opics treasury management platform, highlighting an evolving partnership.
Manish Joshi, Vice President (APAC and EMEA) of Lending at Finastra, reflected on the longstanding relationship between the two entities. "We are proud of the speed and quality of delivery, achieved in close partnership with IBC Solutions," he remarked. "The successful go-live of corporate channels highlights our shared vision of co-innovation and digital transformation. We look forward to supporting AlRayan Bank in unlocking new growth opportunities and advancing its innovation journey in Islamic finance."
As AlRayan Bank forges ahead with these enhancements, the institution seeks not just to keep pace with evolving market demands but to set new standards in digital banking for corporate clients, further solidifying its position as a leading Islamic bank in Qatar and beyond.