Qatar International Islamic Bank Speeds Payment Processing for its Customers Through Qatar's Automated Clearing House Network
Poster: SySAdmin
Posted on October 29, 2012 at 8:35:01 PM
Qatar International Islamic Bank Speeds Payment Processing for its Customers Through Qatar's Automated Clearing House Network
DOHA, Qatar, October 30, 2012 /PRNewswire/ --
Qatar International Islamic Bank (QIIB), a leading full-service bank in Qatar, has
successfully gone live with Misys' payment solution, Misys Payment Manager. The bank
selected Misys to support its transition onto Qatar's Automated Clearing House (ACH)
network and will now be able to make simple, secure and reliable payments through this
network.
The ACH project's scope was to connect Qatar Central Bank with all banks in the
country in order to deploy Direct Debit and Direct Credit payment transactions, which
provides a simple, secure and reliable means for banks to make payments via electronic
transfer. QIIB has implemented Misys Payment Manager to provide comprehensive support for
Direct Debits thereby helping to reduce the volume of cheques received. The bank can now
process any types of payments regardless of size, complexity and structure. It has
improved efficiency through compliance with the ISO20022 standard format for payments and
process automation enabling it to comply with local regulations and maintain its high
standard of customer service.
"Customer service is key to us remaining ahead of our competitors and at the forefront
of the industry," comments Ali Al-Mesaifi, Chief Operating Officer at QIIB. "With that as
a continuing goal coupled with the challenge of complying with the local regulations,
Misys' solution offers a quick and low risk way to innovate our payments infrastructure.
The solution includes functionality that extends visibility and control of both outbound
and inbound payments through the complete payment life-cycle, from initiation to
settlement. We have worked closely with Misys for many years now and are pleased to extend
this partnership to enable us to strengthen our business and maintain our competitive
edge."
"Misys is recognized as a global expert in terms of helping banks to integrate their
existing systems with new payment networks. Misys Payment Manager's flexible architecture
allows banks to take a phased approach to the transformation of their payment systems,"
states Maruf Majed, Managing Director, Middle East for Misys. "They can focus on the
resolution of specific business issues through a series of manageable projects. Migrating
to a strategic payments environment can be achieved while delivering ongoing benefit and
early return on investment."
Since its entry into the Middle East and African markets in 1982, Misys has solidified
its position working alongside local market participants to provide scalable, reliable and
long-standing software solutions to support complex business needs. By optimizing their
global experience with local knowledge, comprehensive solutions and industry insight,
Misys continues to grow and strengthen its leadership position within the Middle East and
Africa's financial services industry.
About Misys
Misys is at the forefront of the financial software industry, providing the broadest
portfolio of banking, treasury, trading and risk solutions available on the market. With
1,800 customers in 120 countries our team of domain experts and partners have an
unparalleled ability to address industry requirements at both a global and local level.
Misys was formed by the merger of Misys with Turaz, which includes the award-winning
Kondor+ product line. Combined they are able to address all customer requirements across
both the banking and trading book businesses. Misys is the trusted partner that financial
services organisations turn to for help solving their most complex problems.
Find out more at http://www.misys.com [outbind://35/www.misys.com ]
For further information please contact
Edward Taylor
Global Head of Public Relations
Misys
+44-(0)20-3320-5530
edward.taylor@misys.com
Misys
DOHA, Qatar, October 30, 2012 /PRNewswire/ --
Qatar International Islamic Bank (QIIB), a leading full-service bank in Qatar, has
successfully gone live with Misys' payment solution, Misys Payment Manager. The bank
selected Misys to support its transition onto Qatar's Automated Clearing House (ACH)
network and will now be able to make simple, secure and reliable payments through this
network.
The ACH project's scope was to connect Qatar Central Bank with all banks in the
country in order to deploy Direct Debit and Direct Credit payment transactions, which
provides a simple, secure and reliable means for banks to make payments via electronic
transfer. QIIB has implemented Misys Payment Manager to provide comprehensive support for
Direct Debits thereby helping to reduce the volume of cheques received. The bank can now
process any types of payments regardless of size, complexity and structure. It has
improved efficiency through compliance with the ISO20022 standard format for payments and
process automation enabling it to comply with local regulations and maintain its high
standard of customer service.
"Customer service is key to us remaining ahead of our competitors and at the forefront
of the industry," comments Ali Al-Mesaifi, Chief Operating Officer at QIIB. "With that as
a continuing goal coupled with the challenge of complying with the local regulations,
Misys' solution offers a quick and low risk way to innovate our payments infrastructure.
The solution includes functionality that extends visibility and control of both outbound
and inbound payments through the complete payment life-cycle, from initiation to
settlement. We have worked closely with Misys for many years now and are pleased to extend
this partnership to enable us to strengthen our business and maintain our competitive
edge."
"Misys is recognized as a global expert in terms of helping banks to integrate their
existing systems with new payment networks. Misys Payment Manager's flexible architecture
allows banks to take a phased approach to the transformation of their payment systems,"
states Maruf Majed, Managing Director, Middle East for Misys. "They can focus on the
resolution of specific business issues through a series of manageable projects. Migrating
to a strategic payments environment can be achieved while delivering ongoing benefit and
early return on investment."
Since its entry into the Middle East and African markets in 1982, Misys has solidified
its position working alongside local market participants to provide scalable, reliable and
long-standing software solutions to support complex business needs. By optimizing their
global experience with local knowledge, comprehensive solutions and industry insight,
Misys continues to grow and strengthen its leadership position within the Middle East and
Africa's financial services industry.
About Misys
Misys is at the forefront of the financial software industry, providing the broadest
portfolio of banking, treasury, trading and risk solutions available on the market. With
1,800 customers in 120 countries our team of domain experts and partners have an
unparalleled ability to address industry requirements at both a global and local level.
Misys was formed by the merger of Misys with Turaz, which includes the award-winning
Kondor+ product line. Combined they are able to address all customer requirements across
both the banking and trading book businesses. Misys is the trusted partner that financial
services organisations turn to for help solving their most complex problems.
Find out more at http://www.misys.com [outbind://35/www.misys.com ]
For further information please contact
Edward Taylor
Global Head of Public Relations
Misys
+44-(0)20-3320-5530
edward.taylor@misys.com
Misys