Trade Bank of Iraq Selects Misys to Provide Core Banking
Trade Bank of Iraq, the government owned commercial bank, has selected an integrated solution from Misys to help expand its business aggressively into universal banking. The agreement includes an upgrade to the latest version of Misys’ core banking system Equation, integrated with the newest version of Trade Innovation (Misys TI Plus 2.0) and its branch automation solution, Equation Branch Automation (EBA). The combined solution will be implemented at the bank’s head office in Baghdad and will improve the service delivered by the bank to its customers, as well as allowing further integration with new banking channels, including Internet banking and ATMs
As part of its drive towards stability, Iraq is focused on developing a strong and internationally functioning economy. Two industries are important in supporting that goal; a strong international trade finance capability and a modern branch network within the country. Trade Bank of Iraq (TBI), the institution charged with facilitating Iraq’s international trade and reconstruction programme is taking advantage of Misys’ award winning solutions to strengthen its capabilities. TBI currently has 6 branches with the plan to roll out more branches in Baghdad as well as more throughout the country.
TBI has been a Misys customer since 2005 and has grown rapidly both in the number of branches and customers, as well as in the variety of services it offers to those customers. Building on its early success, TBI is gradually introducing modern, innovative products and services to the retail and commercial banking market across Iraq. It has chosen an integrated and robust solution from Misys to continue the development of its online banking offering and to maintain market advantage as the Iraqi branch network continues to spread. The new functionality also improves its trade financing capabilities, which are an important part of improving Iraq’s reputation and standing in trade within the global economy. The bank has established relationships with over 134 prime banks covering 63 cities in 39 countries.