International Bank of Azerbaijan expands client-services opportunities

Business Materials 9 February 2009 15:38 (UTC +04:00)

Azerbaijan, Baku, Feb. 9 / Trend , N.Ismayilova/

The International Bank of Azerbaijan (IBA) successfully applied to the FlexCube banking program. The IBA switched over to the system on Jan. 1, the bank said in a message.

Since 1995, IBA has used the MIDAS banking system. Today, however, MIDAS does not meet the bank's requirements. From 2005-2008, the amount of information in the IBA database increased two to three times. IBA management decided to sign a contract with Oracle Financial Services Software Limited to purchase a license for their product, FlexCube.

"FlexCube's capacity is much greater than what MIDAS has to offer. Suffice it to say that these two systems belong to different generations. FlexCube is a last-generation system. It successfully combines operational and analytical tools," IBA said.

The maximum number of clients in the MIDAS system was limited to one million.

FlexCube enables up to 10 million clients.

"The new system enables us to receive more necessary data and effectively conduct analysis. The new software allows detailed accounting and control operations," the report said.

Over 130 IBA units, 680,000 customers, 820,000 client accounts, 16,900 credit contracts and 21,500 deposit contracts have been transferred to the new system. 

Oracle Financial Services Software Limited is an Indian company. Over 350 banks in 120 countries around the world use FlexCube services.

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