Zimbabwe’s newest bank selects Misys-IBS’ Equation solution to support its start-up operations

London, 7th June 2002. Barbican Bank, one of Zimbabwe’s most recently-established financial institutions, has chosen Misys International Banking Systems’ (Misys-IBS) Equation solution to support the start-up of its private banking operations. The bank, which has its headquarters in Harare, is a wholly-owned subsidiary of Barbican Holdings, a privately-owned financial services company.

Pending approval of Barbican Bank’s application for a banking licence by the Reserve Bank of Zimbabwe, the bank is in the process of putting systems in place to support the launch of its banking operations later this year. Barbican Bank’s primary business focus is the provision of private banking and asset management services to existing clients and high net-worth individuals.

Between January and March 2002, the bank reviewed three potential solutions, before selecting Misys-IBS’ Equation system as its preferred core solution, the contract between the two organisations being finalised at the end of March 2002. A spokesman for the bank comments, "Equation comes highly recommended and has established an enviable track record among existing users in the region. As well as offering superior functionality, particularly in terms of its retail banking support, Equation also has the advantage of operating on IBM’s eServer iSeries platform, which is scalable, secure and reliable, and imposes remarkably low maintenance overheads."

The bank is currently in the process of implementing Equation at its Head Office, in preparation for its banking licence being granted later this year. Equation is scheduled to go live during the fourth quarter of 2002, and once installed and fully operational, will be integrated with the bank’s existing Asset Management System, using Misys-IBS’ Meridian middleware platform.

The spokesman for Barbican Bank points out, "We expect that Equation’s real-time processing capability, allied to its relational database architecture, will enable us to provide the exceptional levels of service demanded by private banking clients and high net-worth individuals. Our objective is to be at the cutting edge of service delivery technology, in order to sustain a competitive advantage in our chosen market. To support this aim, we are looking to extend the provision of services via the Internet and are actively considering implementing the Equation e-banking front end."