Banque Saudi Fransi goes live with Finastra to future-proof treasury and trading business
- Bank chooses latest version of Fusion Kondor to streamline trading and risk operations and deliver new services to customers
RIYADH, Saudi Arabia, March 22, 2021 /PRNewswire/ -- Banque Saudi Fransi, a bank based in the Kingdom of Saudi Arabia, has gone live with the latest version of Fusion Kondor, Finastra's treasury management solution. The move will enhance, automate and standardize the bank's treasury and trading operations, including the possibility of introducing new pricing models, trader activity monitoring and risk management features. This will enable the bank to strengthen its product offering, and improve its user experience, all while keeping pace with market changes.
Zuhair Mardam, Head of Treasury at Banque Saudi Fransi, said, "As banks focus on improving returns on capital and meeting new regulatory obligations, the treasury occupies a unique position at the very center of a bank's operations and its revenue stream. Automating this part of the business means that we can manage global treasury trading operations with high levels of efficiency and compliance, yet still manage risk effectively and avoid expensive system costs. Ultimately, this will help us provide an excellent customer experience and help us grow our market share."
Thamer Yousef, Chief Operations Officer at Banque Saudi Fransi, said, "We are on a journey towards transforming and digitizing our business by bringing in more innovative nimble services that have a competitive advantage, to make sure that we extend our business capabilities to provide the best experience for all our customers, whether retail or corporate. Treasury is at the heart of this key initiative."
Fusion Kondor will enable Banque Saudi Fransi to trade high volumes of treasury while offering the flexibility to support more complex derivatives, options, and structured trades. The solution comes with functionality that can easily be integrated with existing systems and applications and, as it is designed as an open platform, it is also easily customizable.
Serge Tohme, Managing Director MEA and Turkey at Finastra, said, "Finastra has invested significantly in its solutions to introduce new trading and regulatory features, which have resulted in tangible business benefits for customers who have chosen to upgrade. With the latest version of Fusion Kondor in place, Banque Saudi Fransi will have a comprehensive trading, risk management and regulatory compliance solution that will help it to meet today's challenges head on. Further down the line, the bank can explore opportunities to enhance its products and services by using the solution's open APIs and connecting to Finastra's platform for open innovation, FusionFabric.cloud - which is in line with SAMA's Open Banking initiative."
Since 2018, Finastra has been strengthening its activities in the Middle East through the growth of its Saudi Arabia office, in Riyadh, which contributes to supporting technological and financial innovation in line with the Kingdom's Vision 2030.
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Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Supported by the broadest and deepest portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes across the globe, including 90 of the world's top 100 banks. Our open architecture approach brings together a number of partners and innovators. Together we are leading the way in which applications are written, deployed and consumed in financial services to evolve with the changing needs of customers. Learn more at finastra.com
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