National Bank of Oman (NBO) has selected Misys' trade finance solution to expand its business coverage, meet customer demands and support growing trade volumes.
Misys said that the integrated solution combines back-office processing system, TI Plus with the Trade Portal, the e-business console, which will enable the customers to connect to NBO to conduct international trade business at the same time as accessing financial supply chain services.
The new solution includes customizable workflows that provide visibility and control over the entire transaction lifecycle. TI Plus enables banks to define service level agreements for each customer and apply either customer groupings or bilateral agreements for individual customers. The solution also allows images of commercial documents to be scanned and retrieved later during processing.
Misys said that Trade Portal is an integrated online system that enables banks to provide a fully-featured console for connecting customers to NBO over the internet. Bank customers can process and review their transactions and receive customized news feeds related to their particular industries.
The Trade Portal solution provides a multibank architecture that facilitates access to multiple banks and their consolidated transactions. It can handle traditional trade instruments such as letters of credit, collections, guarantees and financing as well as the growing open account services based on purchase order and invoice data.
Humayun Kabir, general manager of wholesale banking at NBO, said: “The corporate service level agreement-driven workflow and business dashboard incorporated into the system were important differentiating factors. We are confident that Misys TI Plus and Trade Portal will help us to meet our growth targets for our traditional products as well as newer ones, such as factoring.”
Roy Froud, director of Middle East & Africa at Misys, said: “With our integrated solution NBO will now be able to grow its volumes, boost efficiency and broaden its revenue options more effectively.”