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RAKBank streamlines treasury operation with KASTLE

United Arab Emirates: Sunday, February 22 - 2004 @ 13:18

RAKBank started its Treasury Operations as a business function at the start of 2003 and began a formal search for a treasury management system that would suit their requirements while crystallizing their treasury initiatives. The KASTLE solution was selected over other leading management solutions, to provide RAKBank’s newly established Treasury Operation with an integrated management solution enabling straight through processing, risk management and back-office support.

“Our decision to go with KASTLE from ICICI Infotech was based on the solution’s advanced functionalities catering to the specific needs of treasury transaction processing and its proven in-house integration capabilities with our core banking system,” said Malcolm D’Souza, Treasury Head, RAKBank. “Management understanding of various risks at a global level and across business units is one of the key benefits of having KASTLE in place.”

The KASTLE solution has been implemented across RAKBank’s Treasury Operations in two locations thus linking the Sultan Business Centre in Dubai, where the dealers are based, with the back-office personnel who operate from RAKBank headquarters in Ras Al Khaimah.

“We chose KASTLE, because it merges well with our existing infrastructure and it possesses the optimal architecture to suit our technical requirements. We have achieved seamless straight-through processing by building the Interface between our front and back ends systems using J2EE standards. The entire process is real time with direct feeds from Reuters for Exchange rate and deals” said Srinivasan Sampath, Head of Business Information Technology, RAKBANK.

“We are delighted to have been given the opportunity to work with RAKBank and to play a role in helping them to better serve the needs of their newly expanded operation,” said Hari Padmanabhan, Executive Director and President, ICICI Infotech. “We are confident that with KASTLE, RAKBank’s treasury operation will enjoy the rewards of advanced treasury management capabilities, in turn enabling them to better serve the needs of their growing customer base.”

Due to the solution’s proven capability to integrate seamlessly with RAKBank’s core banking system, the Treasury Operation did not experience any disruption during and post implementation, a critical factor for the banking sector, where all transactions are particularly time-sensitive.

ICICI Infotech’s experience with ICICI Bank in servicing their needs, has given ICICI Infotech an in-depth insight into the workings and demands of the banking industry. As a result, ICICI Infotech boasts an extensive suite of Banking Management Solutions with an impressive breadth of functionalities and proven integration capabilities, whereby customers do not experience high costs and delays in the system going live.

KASTLE’s extensive functional spread and integration compatibility with a number of back-end databases including Oracle, Sybase and MS SQL Server has made it a popular choice amongst banks and financial institutions with several successful implementations across the globe.

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Sunday, February 22- 2004 @ 13:18 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.

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