Country’s second largest software services firm Infosys has said Abu Dhabi-based Union National Bank (UNB) has implemented its Finacle Treasury solution.
UNB has implemented Infosys Finacle solution to empower its treasury and capital markets business as well as integrate its trading, risk management and back office operations, Infosys said in a statement.
The solution will also enable UNB to extend its fixed income offering to newer markets in Europe and South East Asia and manage more asset types effectively, it added.
Finacle Treasury solution will help UNB process trades faster and also aggregate risk across multiple asset classes seamlessly.
“As we expand our operations regionally and globally, it is critical for us to deploy the right technology that allows us to effectively reach and serve our customers,” UNB Senior VP Head (Treasury and Investment Division) Galal E Khadr said.
This will allow UNB to manage increased business volumes without increasing headcount, he added.
With automated the monitoring of various limits and alerts to relevant stakeholders at UNB, the solution offers real-time monitoring and action in case of a security breach.
In addition, regulatory reports can be prepared with ease ensuring compliance and faster reconciliation between the bank’s middle and front-office records, the statement said.
The Finacle management modules implemented at UNB include forex, money market, fixed income securities, equities, derivatives, VaR and limits and risk tracking.
“The successful roll reinforces our commitment to the Middle East and Africa market. Through this ongoing technology transformation engagement, we will continue to help UNB accelerate its own innovation-led growth and provide the highest level of service to its customers,” Infosys regional head (growth markets, Finacle) Venkatramana Gosavi said.
Established as a Public Joint Stock Company in 1982, UNB is one of the leading domestic banks in the UAE.