Union National Bank (UNB), Abu Dhabi, one of the Middle East’s leading banks, announced the successful implementation of the Infosys Finacle Treasury solution to empower its Treasury and Capital Markets’ business as well as integrate its trading, risk management and back office operations.
Finacle management modules that were implemented at UNB are (Forex, Money Market, Fixed Income Securities, Equities, Derivatives, VaR and Limits and Risk Tracking).
The successful implementation of the Finacle Treasury Solution will help UNB process trades faster and also aggregate risk across multiple asset classes seamlessly. It has enabled UNB to manage more asset types and has also helped it extend its Fixed Income offering to newer markets in Europe and South East Asia. With Finacle Treasury Solution the monitoring of various limits and alerts to relevant stakeholders at UNB have been automated to support real-time monitoring and action in case of a security breach. It is also worth mentioning that the regulatory reports can be prepared with ease ensuring compliance and reducing time spent on reconciliation between the bank’s middle-office and front-office records.
Mr. Galal E.Khadr, Senior Vice President – Head of Treasury & Investment Division at UNB commented, said: “As we expand our operations regionally and globally, it is critical for us to deploy the right technology that allows us to effectively reach and serve our customers. Key operations within UNB’s back office, such as accounting, SWIFT and UAEFTS, have now been completely automated allowing the bank to manage the increased business volume without increasing headcount. I am glad that over the years, our focus on quality has been maintained and enhanced even as our operations have expanded significantly”. He added.
Venkatramana Gosavi, Regional Head, Growth Markets – Finacle, Infosys: “Our partnership with UNB for the successful roll out of Finacle Treasury reiterates the solution’s seamless management capabilities as well as our strong commitment to the Middle East and Africa market. Through this ongoing technology transformation engagement we will continue to help progressive banks such as UNB enhance its business potential and accelerate innovation-led growth to address customer requirements and provide the highest level of service.”
For Further information please contact:
Corporate Communications Manager
UNB Group Corporate Communication
Tel: +971 2 6984809
Wednesday, May 21- 2014 @ 14:30 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.