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Awash International Bank (AIB) is rolling out a new core banking system called Fusion Banking Essence (FBE). This will replace the previous system Bank Master. The new project has been implemented by Misys International Financial System, a company based in the UK.
The implementation of the project took 14 months.
USD 3.5 million was poured into the new system which is guaranteed to run for ten years without any disruption. A statement from the bank reads ‘this solution will give AIB an edge over competition by helping meet market demands with greater agility. Automated services of the core banking solution will ensure faster processing of front and back office requests and an improved turnaround time for customers. With this solution, the Bank will also be able to bring to market targeted and innovative services faster than ever before.’
FBE uses state-of-the-art technology to make Internet, mobile and telephone banking more efficient.
The rollout will affect 100 branches at first.
“This is another mark of our success, excellence and our deep commitment to our customer business. Our bank, is transforming to empower our customers through better services,” Tsehay Shiferaw, President of AIB said.
“Having a continued privilege to be Awash’s long-term technology partner is an exciting opportunity for us,” said Nadeem Syed, CEO of Misys at a press conference held in Awash Tower.
He noted that Misys, has been working on the system from the start.
Established in 1991, AIB deployed over 100 ATM machines and jointly works with other private banks in the country.