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.
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.
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