selection process initiated in August 2012, allowing it to enter the Maltese market for the first time. The vendor fended off competition from Intrasoft, which proposed a newer version of Profits, and Oracle FSS with Flexcube. BML was chosen because the bank felt that it would allow for more flexibility in creating business opportunities, and provide end-users with more powerful and complete information. Lebanon-based core banking software vendor, BML


Istisharat, has signed two customers for its ICBS core banking system, these being Eskan Bank in Bahrain and Banque de Développement de Guinée (BDG) in Guinea.


ICBS Service and Functionality


% of user base with full maintenance contract: 70 per cent. Annual maintenance fee: Twelve per cent of licence price. Levels of support/additional services offered: Training and support (on-site and remote), customisation, systems integration. Core/retail functionality: General ledger. Current, checking and savings accounts; overdrafts; savings; term/notice deposit accounts; passbooks; signatures; nostro and vostro reconciliation; credit facilities; received guarantees/collateral; limit handling; position keeping; cheque books and stopped cheques; cheque remittances; clearing and collections; draft and cashier cheques; travellers cheques; standing orders; direct debits; discounted bills; personal, consumer and commercial loans; utility bills; statutory reporting; payments. Teller support. Islamic banking support. Private banking, securities, portfolio management, fund management. Multi-currency, multi-branch, multi-lingual support. Wholesale functionality: FX, MM, commercial loans, deposits, funds transfer, capital markets, exchange traded futures and options, bonds, CDs, commercial paper, currency swaps, precious metals, bullion, OTC options, convertibles, warrants. Message handling including batch and on-line links to Swift interfaces and directories. Deal capture. Islamic banking support. Import and export letters of credit, import and export clean collections, incoming and outgoing clean payments, incoming and outgoing guarantees. Multi-channel support: E-banking. Interfaces to ATMs, CDM, POS switches, card management, IVR, SMS solutions, Swift, national payment/clearing systems. New systems/enhancements planned: Java front-end, additional treasury support (FRAs, swaptions etc). Price range: $500,000 to $1,000,000. Method of pricing: Per module and per site. Relevant additional systems offered: Systems for human resources, payroll, assets and inventory, bancassurance. Development, marketing or distributor partners: IBM, Hewlett-Packard, Oracle, Intel. Distributors in 31 countries (US, Europe, Middle East, Africa, Asia Pacific). Netiks for internet and mobile banking, IDOM ABS for anti-money laundering, Moody’s Analytics for risk management.


Partnerships and additional wins


The activity seemed to add up to financial success. BML recorded profits of US$2,095,000 for 2008, which was slightly down on 2007’s US$2,298,000, on sales of US$7,105,000 (compared with 2007’s US$6,878,000). Both years’ figures were markedly up on 2006 and the supplier was estimating profits for 2009 of US$4,310,000 on sales of US$10,250,000, which was bullish given the economic environment (and, indeed, proved far from attainable, with another relatively small fall in profits and revenues in relation to the previous year). Two more Iraqi deals came in the first half of 2009, from Mosul Bank, which had 13 branches, and Minare Bank, which


48


was based in the Kurdish region and had 54 branches. At home, Al Ahli Bank took the core ICBS and the capital markets portion in April, the latter for its investment arm, Al Ahli Investments. Speed to market was cited as a key reason by the bank’s assistant general manager. One of the earlier Iraq wins was turned into a live site in early 2010. This was National Bank of Iraq, becoming apparently, the third live ICBS user in Iraq, behind Mosul Bank (so this seemed to have a swift implementation) and Union Bank of Iraq. Dr Qais Zakee Younis, director of the office of operations at National Bank, referred to major benefits being the ‘quick performance’ of the system, as well as the time saved and


Universal Banking Systems Market Report | www.ibsintelligence.com


Sharjah-based Investbank went live with a new core banking system, ICBS, supplied by regional vendor BML Istisharat on the 1st of November 2015. The ICBS platform has replaced Oracle FSS’s Flexcube, which had been running at the bank for around a decade. In August 2016, APS Bank Malta went live with BML Istisharat’s ICBS as its new principal banking system. ICBS replaced Intrasoft International Profits, which was deployed by APS in 2002.


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