Jordan Kuwait Bank (JKB), one of the largest and fastest growing banks in Jordan, officially announced the successful go-live of ICS BANKS from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions.
JKB replaced many legacy systems, one of which was an in-house system, and twenty five banking satellite systems. The main requirement for the bank was the application of a fully-fledged bank -in- a- box solution that provides a full range of modules and incorporates a flexible group model. JKB has implemented ICS BANKS to offer modern products through the use of the newly applied suite of applications that cover Core Banking, Remittances, Credit Facilities & Risk Groups, Lending, Trade Finance, Treasury & Investment systems and Wealth Management. The bank also deployed other supporting systems such as, ICS BANKS Retail and Corporate IBS (Internet Banking System), Fixed Assets, Provisioning, in addition to BI (Business Intelligence) and Data Warehousing.
The process towards achieving this complex implementation to achieve a successful BIG BANG cutover with almost all of ICS BANKS® Universal Products took almost 18 months. The system has gone live in parallel with the online integration that has covered many channels to achieve STP of which Reuters, SWIFT, ECC (Electronic Cheque Clearing) and CBJ and Regulatory Reporting.
The Chairman of JKB; His Excellency Mr. Kabariti, stated, “With the new Universal banking system, ICS BANKS, JKB will be able to provide complete suite of banking services meeting all local and international standards and requirements in the financial sector. On this occasion, I would like to thank ICSFS’ and our teams for their great efforts towards completing the project and launching the system successfully.”
Managing Director of ICSFS; Mr. Robert Hazboun commented, “We are delighted to bolster a successful partnership with JKB. ICS BANKS will enable rapid delivery of a consistent set of comprehensive products and services, which will help the bank transform operational procedures to meet current and future financial industry standards. We would like to seize this opportunity to express gratitude to JKB for having entrusted their systems with us and spared no effort to achieve this milestone.”
ICS BANKS® provides a complete suite of banking business modules with a rich sweep of functionality and features, addressing business needs and automating accounting processes, as needed, to improve a bank’s business performance. ICS BANKS® has always been a pioneer in utilizing the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system is deployed in a multi-tiered setup that runs on a web thin client, J2EE environment. ICSFS references in Iraq include the following banks: Bank of Baghdad, Gulf Commercial Bank, Warka Bank for Investment & Finance, Investment Bank of Iraq, United Bank for Investment, Ashur International Bank for Investment, Dar Es Salaam Investment Bank, Emerald Bank, Vakif Bank, Iraqi Islamic Bank, T.C. Ziraat Bankasi, Albaraka Türk Participation Bank. The banking sector in Iraq consists of the Central Bank of Iraq and 56 banks distributed as below; (7) government banks, (29) private Banks, (9) Islamic banks, and (11) foreign banks.
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