Wednesday 06, September 2017 by Nabilah Annuar

Commercial Bank of Dubai upgrades core banking system with ITS

International Turnkey Systems (ITS), provider of comprehensive Shari'ah-compliant financial solutions, has announced the successful package upgrade of PHOENIX Core Banking system to the latest version of ETHIX-Core Banking solution for the Commercial Bank of Dubai (CBD).

The upgrade facilitates the Bank’s offering of full fledged 24/7 banking operations across all branches and Head Office, in addition to overall performance enhancement and Digital Banking support.

Commenting on the successful project, ITS CEO Essam Al Khishnam said, “ITS are very pleased to announce another successful project for a prestigious client, underscoring the growing advantages that financial institutions can obtain by utilising our cutting-edge Shari'ah-compliant solutions in an ever increasing FinTech world.”

Harris Mygdalis, deputy CIO, of the Commercial Bank of Dubai added, “The Commercial Bank of Dubai strives to continuously modernise the Core Banking system and services in order to offer an innovative and completely secure service experience to our extensive customer base. We are very pleased with the performance of the ITS team who successfully completed the Bank’s ETHIX-Core Upgrade project on time and without any post-rollout issues. Meticulous planning, multiple rehearsals, a well-defined project scope, and over 900 systematic tests with close involvement with the CBD team ensured flawless execution with no major glitches”.

CBD, a leading bank in the United Arab Emirates (UAE) appointed ITS to upgrade the system, which was originally deployed in 2012. The upgrade to the ETHIX-Core Banking Solution added a number of features that will contribute to expanding the banking capabilities both during day operations as well as end of day operations.

“ITS is pleased to announce that the CBD upgrade project was carried out successfully and in record time. This upgrade provides CBD with the ability to meet their business objectives through implementing new short time to market system features and services that supports the future strategy of the bank management. ITS remains committed to providing effective banking software solutions to financial institutions worldwide,” explained Ramy Fouda, ITS Sales Regional Director.

“ITS has always been committed to offering competitive integrated technology platforms to help financial institutions optimise their business processes and achieve long—term growth goals. With ETHIX-Core, financial institutions can manage change, face competition and most of all, build strong customer relationships by offering total flexibility. In addition, by marketing innovative products and enhancing services, ETHIX-Core can reduce operating costs, as it is a one of the most secure Banking Systems in the world,” concluded Al Kishnam.

Over 200 organisations across the globe have implemented ITS’s ETHIX-Core products, with more than 60 of these clients in the MENA region. ETHIX products are designed to help banks leverage cutting edge technology to grow, and improve the customer experience by serving their needs in the shortest possible time. Providing a comprehensive array of functions, the component based ETHIX-Core is fully integrated and can effectively handle the strategic complexities and challenges faced by financial institutions across the world in a secure manner.


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