Azerbaijan, Baku / corr Trend I.Khalilova / The state-run Kapital Bank has announced its achievements regarding the application of FlexCube software, supplied by I-flex company within the framework of the World Bank.
Rauf Rzayev, the Chairman of the Managing Board of the bank, said that the bank beat the world record in terms of application of this banking program, which actually takes 2 or 4 years. The process at Kapital Bank lasted from June 2006 to May 2007. It is a wonderful achievement and is the only program in Azerbaijan, working on an on-line regime," he added.
During its first stage, new software was introduced in head office and at one of the Baku branches.
The cost of the project with I-flex company is $1.350mln, which will be spent to purchase the central nuclear and 12 modules FlexCube to serve 1mln accounts. The tender was held within the framework of WB's credit on Financial Sector Technical Assistance (FSTA) and SDR 800,000 ($1.2mln) of this sum was allocated for Kapital Bank technical equipment.