QNB Chooses Misys BankFusion Equation to Underpin Banking Operations With Latest Technology
LONDON, March 3, 2010 /PRNewswire-FirstCall/ -- Misys plc (LSE: MSY), the global application software and services company, today announced that QNB, the leading national bank in Qatar, has licensed Misys BankFusion(TM) Equation to ensure it has the most modern technology platform available to underpin its business strategy.
QNB has the largest distribution network in Qatar, comprising 44 branches in addition to eleven Islamic branches and offices operated by its Islamic banking subsidiary QNB Al Islami, and more than 160 ATMs. QNB's international presence is rapidly expanding to include new locations around the world to supplement long-established branches in London and Paris. The Bank has affiliates and subsidiaries in 22 countries including, most recently Syria and Switzerland where the Bank commenced operations in 2009.
QNB is also among the highest rated regional banks according to leading credit rating agencies including Standard & Poor's, Moody's, Fitch, and Capital Intelligence.
BankFusion Equation tailors business processes to the exact requirements of each bank eliminating any constraints of underlying technology. BankFusion Equation automatically generates the system's Java code, significantly reducing manual input and errors and accelerating solution modifications. This helps bring new solutions to market faster and better serve customers.
In this latest release of the solution, Equation has been re-architected into an SOA environment using Misys' revolutionary BankFusion(TM) platform. Misys BankFusion Equation provides improved security and risk management capabilities as well as the flexibility to scale the business rapidly when required.
"QNB is one of the most advanced banking groups in the GCC region and invests considerable resources in deploying innovative technology and expertise to ensure the seamless delivery of its banking solutions to customers," the bank states. "Advanced platforms such as BankFusion Equation serve the strategic growth objectives of QNB Group by, most importantly, providing an automated risk management framework, whilst seamlessly integrating with existing systems and technologies."
QNB is already a leader in modern banking solutions such as straight through processing of foreign currency transactions and has won awards from Deutsche Bank and JP Morgan for the quality of its Euro and Dollar payments. The Bank is also one of the first institutions in Qatar to have developed an integrated eBanking platform. Branded "EAZYLife", it is a suite of internet, mobile, telephone and ATM banking solutions serving customers in Qatar and abroad.
Guy Warren, EVP and General Manager, Banking, Misys states, "The ground-breaking technology in BankFusion Equation will allow QNB to launch innovative new products and services quickly to the market. The management team has chosen to invest in Misys, our BankFusion strategy and the future roadmap of the solution. This gives them the most modern, flexible next-generation core banking platform available on the market today to underpin the bank's operations."
About QNB
Qatar National Bank (QNB), established in 1964 as the country's first Qatari-owned commercial bank, has an ownership structure split between the Qatar Investment Authority (50%) and the private sector (50%).
QNB has steadily grown to be among the largest banks in the region and is by far the leading financial institution in the country, with a market share approaching 40% of banking sector assets.
QNB offers a full range of Retail, Corporate, Investment, Treasury, Wealth Management, and Islamic Banking products and services for individuals, corporate institutions and government entities in Qatar as well as internationally.
QNB has the largest distribution network in Qatar, comprising 44 branches and offices (including 3 mobile branches), in addition to 11 Islamic branches and offices operated by QNB Al Islami, and more than 160 ATMs.
QNB was the first conventional bank in Qatar to offer Shari'a-compliant banking products and services through QNB Al Islami, established in 2005.
QNB's international presence is rapidly expanding to include new locations around the world to supplement long-established branches in London and Paris. Currently QNB has presence in 22 countries including branches in Yemen, Oman Kuwait & Singapore as well as Representative Offices in Iran & Libya. An Islamic branch was inaugurated in Sudan during 2009, offering a full range of Islamic banking services and products.
QNB has also extended its regional reach by acquiring shares in various financial institutions including 33.5% stake in the Jordan based, The Housing Bank for Trade and Finance (HBTF), 23.8% of the shares of Commercial Bank International (CBI) based in the United Arab Emirates (UAE), 50% of the Tunisian-Qatari bank and 20% stake in the Doha-based Al Jazeera Islamic Company. QNB also retains 49% stake in QNB-Syria, a private stock company established jointly with other Syrian private and public sector institutions which started operations mid November 2009.
The Bank recently established a new investment company "QNB Capital" providing an array of investment banking services to corporate, government and institutional clients within Qatar and globally. These include one of the best corporate finance teams in the GCC region offering extensive transaction experience, in depth advisory services - including mergers and acquisitions, equity, debt and project advisory - as well as first-class research capabilities.
QNB is among the highest rated regional banks from leading credit rating agencies including Standard & Poor's, Moody's, Fitch, and Capital Intelligence. The Bank has also been the recipient of many awards from leading international specialized financial publications for its innovative products, services and remarkable performance.
QNB has an active community support program and sponsors various social, educational, and sporting events
About Misys plc
Misys plc (FTSE: MSY.L), provides integrated, comprehensive solutions that deliver significant results to organisations in the financial services and healthcare industries. We maximise value for our customers by combining our deep knowledge of their business with our commitment to their success.
In banking and treasury & capital markets, Misys is a market leader, with over 1,200 customers, including all of the world's top 50 banks. In healthcare, Misys plc owns a controlling stake in NASDAQ-listed Allscripts-Misys Healthcare Solutions, Inc, a clear leader in the provision of healthcare technology, serving more than 150,000 physicians, 700 hospitals and nearly 7,000 post-acute and homecare organisations. Misys employs around 6,000 people who serve customers in more than 120 countries.
We aspire to be the world's best application software and services company, delivering results for the most important industries in the world.
Misys: experience, solutions, results
Contact us today, visit: http://www.misys.com
For further information please contact
Edward Taylor
Global Head of Public Relations
Misys
Solutions for Banking and Treasury & Capital Markets
+44(0)20-3320-5530
[email protected]
Sebastian Mathews
Financial Dynamics
+44(0)207-269-7158
[email protected]
For further information, please contact QNB's Public Relations Department at +974-4252477, Fax +974-4252589, email: [email protected] or visit the Bank's website http://www.qnb.com.qa
SOURCE Misys plc
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