Corporate clients now experience streamlined digital banking thanks to Al Rayan Bank's collaboration with Finastra
Finastra's Corporate Channels, a modular digital banking solution, has been successfully implemented by AlRayan Bank, a Qatar-based Islamic bank. This innovative platform offers a unified digital banking solution, integrating trade finance, supply chain finance, cash management, financing, and treasury services in one platform.
The rapid deployment of the solution, achieved in just four months, highlights AlRayan Bank's commitment to digital transformation and innovation. The implementation was led by IBC Solutions, a regional provider of banking services.
Key Benefits and Features
The implementation of Finastra's Corporate Channels offers several key benefits and features for AlRayan Bank:
- Flexibility and Scalability: The platform provides the flexibility and scalability needed to meet evolving market demands. It supports secure and innovative trade finance and cash management tailored to corporate clients' needs.
- Modular Design: The modular design of the platform enables easy customization and rapid deployment, enhancing the bank's ability to launch market-leading products faster and more smoothly.
- Embedded Security Tools and Regulatory Compliance Features: The platform ensures transactions are safe and meet governance standards, thanks to its embedded security tools and regulatory compliance features.
- Real-time Data Analytics: The platform provides real-time data analytics, offering insights that help the bank adapt quickly to changing market conditions and deliver transparent, personalized services.
- API-enabled Architecture: The API-enabled architecture facilitates seamless integration with other systems and highly configurable workflows for operational agility.
- Support for Shariah-compliant Islamic banking services: The platform aligns with AlRayan Bank's focus on ethical finance and innovation in Islamic finance.
- Mobile-first Capabilities: The platform enhances the user experience for corporate clients, improving access and efficiency, and enabling the launch of new mobile-first capabilities.
- Accelerated Time-to-Funds and Improved Client Retention: The solution accelerates time-to-funds and improves client retention by delivering smoother, more efficient banking experiences.
Co-Innovation and Digital Transformation
Manish Joshi, Vice President, APAC and EMEA, Lending at Finastra, stated that the successful go-live of Corporate Channels highlights their shared vision of co-innovation and digital transformation. Finastra is proud to support AlRayan Bank in unlocking new growth opportunities and advancing its innovation journey in Islamic finance.
In addition to the Corporate Channels implementation, AlRayan Bank has also upgraded to the latest release of Finastra Trade Innovation and continues to utilize the Opics treasury management platform from Finastra. The upgraded platforms support AlRayan Bank's Shariah-compliant services end-to-end, accelerating time-to-funds and opening new business opportunities.
The new platform is expected to improve operational agility and customer satisfaction, enabling AlRayan Bank to offer a unified, secure, and consistent digital experience across all channels. The speed and quality of delivery of Corporate Channels were achieved in close partnership with IBC Solutions. The transformation supports AlRayan Bank's goal to be a trusted, innovative leader in Islamic banking.
Recently, AlRayan Bank also selected Finastra's Essence core banking solution, further deepening their collaboration with Finastra. This partnership emphasizes co-innovation, digital transformation, and delivering growth opportunities in Islamic finance.
- AlRayan Bank, a Qatar-based Islamic bank, benefits from the flexibility and scalability of Finastra's Corporate Channels, a modular digital banking solution, which supports secure and innovative trade finance and cash management tailored to corporate clients' needs.
- The modular design of Finastra's Corporate Channels enables easy customization and rapid deployment, enhancing AlRayan Bank's ability to launch market-leading products faster and more smoothly.
- Finastra's Corporate Channels provides real-time data analytics, offering insights that help AlRayan Bank adapt quickly to changing market conditions and deliver transparent, personalized services.
- The successful implementation of Finastra's Corporate Channels by AlRayan Bank is a testament to the bank's commitment to digital transformation, innovation, and co-innovation in the banking-and-insurance and finance industry, driven by technology and guided by data analytics, compliance, and regulatory standards.
