AlRayan Bank goes live with Finastra to deliver seamless digital banking experience for corporates
IBC Solutions, a regional provider of banking services across the Middle East and Africa, led the implementation, which was completed in just four months. During the same period, AlRayan Bank also upgraded to the latest release of Finastra Trade Innovation, ensuring compliance with the ISO 20022 MX messaging standard. Both platforms support the bank's Shariah-compliant services end-to-end.
'Going live with Corporate Channels is a major step forward in our strategy to offer best-in-class digital services to our corporate clients,' said Omar Al Emadi, Acting Group Chief Executive Officer of AlRayan Bank. 'The platform provides us with the flexibility and scalability to meet evolving market demands while delivering secure, innovative, and client-centric trade finance and cash management services. We have expanded our long-standing partnership with Finastra based on the richness of its functionalities, ease of integration, and rapid deployment. More importantly, this transformation directly supports our goal to be the most trusted, Shariah-compliant financial institution at the forefront of innovation in Islamic banking.'
Houssam Itani, Group Chief Transformation Officer at AlRayan Bank, added: 'At AlRayan Bank, we are committed to driving our transformation in a way that genuinely benefits our customers. The launch of the Corporate Channels is part of our larger vision to transform banking into a smoother, more efficient, and more personalized experience. It is also a testament to our improved ability to launch market leading products faster and smoother.'
Finastra's Corporate Channels is a modular digital banking solution that unifies trade, supply chain finance, cash management, financing, and treasury services for corporate clients. With embedded security tools, regulatory compliance features, and real-time data analytics, the platform enables AlRayan Bank to adapt quickly to market needs while delivering personalized and transparent services. The platform is API-enabled, facilitating seamless integrations and highly configurable workflows.
AlRayan Bank also recently selected Finastra's Essence core banking solution and continues to utilize the Opics treasury management platform, further demonstrating the bank's deepening collaboration with Finastra.
'AlRayan Bank has been a valued partner for over 16 years,' said Manish Joshi, Vice President, APAC and EMEA, Lending at Finastra. 'The successful go-live of Corporate Channels highlights our shared vision of co-innovation and digital transformation. We are proud of the speed and quality of delivery, achieved in close partnership with IBC Solutions, and we look forward to supporting AlRayan Bank in unlocking new growth opportunities and advancing its innovation journey in Islamic finance.'
For further information please contact:
Sofia Romano
Head of PR, EMEA
T +44 (0)7552 865009
E sofia.romano@finastra.com
finastra.com
About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world's top 50 banks. For more information, visit finastra.com
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