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Commercial International Bank goes live with Intellect Custody in Egypt.

Commercial International Bank (CIB) in Egypt has gone live with Intellect Custody Solution.

The solution, a web-based interface implementation, was created by Intellect Design Arena Limited, a developer of digital technologies in banking and insurance. Intellect Design Arena said in a statement that with the technology CIB will be able to maximise the throughput rate while minimizing infrastructure and communication cost.

Deployment was completed within a time frame of six months, automating the complete process of custodial services at the bank.

The programme integrates with the existing core banking system, giving the bank access to real-time information and improved processing, Intellect Design Arena said, adding that the automation of Central Depository (MCDR) interface will provide enhanced operational productivity, mitigation of risks associated with manual operations, end-to-end trade tracking and settlement across all instrument types. Automation of MCDR is significant to the bank, as 75 per cent of the business transactions are settled through this interface.

"We are pleased to have made the decision to use Intellect solution to support the Custody operations," said Mohamed Farag, Head of Global Transaction Services Group at Commercial International Bank.

"As the largest private-sector bank in Egypt and the leading financial institution in the region, it is important that we provide value for our customers. The introduction of Intellect Custody Solution deploys robust and globally proven technology that will provide flexibility to meet new requirements and helps us cater to the needs of global investor community. This deployment will further enhance capabilities and add value to important areas of our business," he added.

Venkatesh Srinivasan, Chief Executive Officer, Intellect Risk, Treasury & Capital Markets, Intellect Design Arena Limited said, "Custodians the world-over are primarily concerned with the mounting need to provide services across markets, borders and instruments. This has added to their increasingly complex product portfolios and strategic investment schemes. Custodians continue to focus on improving operational efficiencies and service quality levels for a wider range of value-added and sophisticated services that will help them to retain and expand their customer base.

"With Intellect Custody, International Banks like CIB will be well positioned to leverage existing investments in technology using strong tool-based interfaces and transform their custodial business. We are glad to be the preferred partner for Commercial International Bank, Egypt," Srinivasan concluded.

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Publication:CPI Financial
Date:Aug 5, 2015
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