With Finastra’s Corporate Channels and Trade Innovation, the bank will automate core processes to increase efficiency and flexibility
Finastra, a global provider of financial software applications and marketplaces, today announced that Capital Bank, a leading financial institution with commercial and investment banking expertise, has gone live with Finastra’s Corporate Channels and will soon follow with Trade Innovation as well as other Corporate Channels modules. The combined offering will help to streamline banking services for corporates in Jordan, Iraq and Saudi Arabia. Once fully implemented, the solutions will enable the bank to digitalize manual tasks, process lending operations quicker and at a lower cost, and offer its customers a single platform for all corporate features. IBC Consult, a provider of banking services in the MENA region, is handling the implementation of the solutions.
“Capital Bank reported strong growth in financial performance in 2022, up by 49% from the previous year,” said Yasser Kleib, Group Chief Institutional Banking Officer at Capital Bank. “The success of our corporate banking business is critical for our bottom line, and we needed solutions that support our growth and enhance how we serve our customers.”
“We chose Finastra due to its premium interfaces, seamless integrations with SWIFT and our internal systems, as well as its fast bulk payment functionality. IBC Consult were also extremely quick to adapt to our demands in the implementation of the solutions. We are delighted with this digital transformation journey and the benefits it will ultimately yield for our customers,” commented Izzidin Abusalameh, Group COO at Capital Bank.
Corporate Channels is a digital banking platform that delivers a single, intuitive portal to unify trade, cash, supply chain finance, lending, and treasury services for corporate clients. Trade Innovation is an end-to-end solution for frictionless trade and supply chain finance. The trade services platform uses straight-through processing, digitalization, and data analytics to enable intelligent trade for growth, and the ability to evolve with compliance, customer and competitive demands. IBC Consult is a consortium of banking consultancy and financial advisory professionals with 20 years of industry expertise.
“As one of the largest banking institutions in Jordan, with presence in Iraq and Saudi Arabia, Capital Bank offers a broad range of commercial and investment banking solutions tailored to corporates’ needs,” said Kamal El Khoury, Managing Director, MENAT Lending at Finastra. “Our solutions will help the bank to enhance and streamline its offering, giving its customers access to services such as account balance and statements visibility, transfers between accounts and other beneficiaries, all through a single platform. It’s been exciting to work with Capital Bank as it continues to demonstrate success in the region.”