Abu Dhabi bank to use Infosys Finacle software

Bangalore, May 20 (IANS) Union National Bank (UNB) of Abu Dhabi is implementing Finacle software product of Indian IT bellwether Infosys Ltd. to empower its treasury and capital market business, both firms announced Tuesday.

"We have integrated the trading, risk management and back office operations of the Gulf region's leading bank and to extend its fixed income offering to newer markets in Europe and South East Asia," the global software major said in a statement here.

The software will also help the bank to process trades faster and aggregate risk across multiple classes seamlessly.

"The roll out of our treasury software in the bank reiterates our partnership with USB and the solution's seamless management capabilities. The software reinforces our commitment to the Gulf and Africa markets," Infosys regional head for growth markets Venkataramana Gosavi said in the statement.

Finacle management modules implemented at the bank include forex, money market, fixed income securities, equities, derivatives and risk tracking.

"We will also help the bank to accelerate its innovation-led growth and provide the highest level of service to its customers through this technology transformation engagement," Gosavi said.

The new solution has automated the monitoring of various limits and alerts to the bank's stake-holders. It also offers real-time monitoring and action in case of a security breach.

"As we expand our operations regionally and globally, it is critical for us to deploy the right technology that allows us to reach and serve our customers," bank's senior vice-president for treasury and investments Galal E. Khadr said on the occasion.

Key operations in the bank's back office, such as accounting, Society for the Worldwide Inter-bank Financial Transactions (SWIFT) and United Arab Emirates Funds Transfer System (UAEFTS) have been automated with Finacle.

"The solution will allow us to manage increased business volumes without increasing headcount. We have maintained and enhanced our quality over the years even while expanding our operations significantly," Khadr added.

Set up as a public joint stock company in 1982, UNB offers a variety of products and services, addressing needs ranging from basic requirements of individuals to the complex requirements of corporate entities.