BankMuscat chooses Misys to deliver the Gulf region's first online trade finance service

London, 20 October 2003 - BankMuscat has announced the official launch of Bank Muscat e-Trade, its new online trade finance service based on Misys Trade Innovation eBanking technology. The live implementation of Trade Innovation eBanking at the bank's headquarters in Oman extends its trade finance business to customers via Internet access in real time. The high levels of straight-through processing (STP) will drastically reduce duplication of effort, diminish risk and result in major cost savings for the bank. Launched initially on a trial basis, twenty clients had already registered for the trial within just two months, demonstrating the huge demand in the region for such services. The official launch means the service will now be fully available to the Bank's entire client base.

BankMuscat ranks as the largest banking entity in Oman with a full-scale presence in corporate, retail, investment banking and asset management. In adopting an eBanking front-end, BankMuscat was open to a wide range of available technology solutions but the increased efficiency and ease of use already achieved through Trade Innovation made Misys the clear choice for the implementation. Musallam Al-Shukairy, Assistant General Manager, Trade Finance & Overseas Credit, explains: "We needed to implement a solution that would improve the already outstanding STP rates that Trade Innovation had made possible. Misys has a proven track record for smooth delivery and we had already experienced the expertise of the Misys team firsthand."

Flexibility and functionality of the solution were also key deciding factors. Musallam Al-Shukairy comments: "Trade Innovation eBanking provides the real-time access required

to create the sophisticated online service we had envisaged for our clients.
Operationally, it eliminates manual intervention, which significantly reduces the duplication of effort and the incidence of errors during data input, which has impressive implications for cost saving. The product will also enable us to stay in line with the rapid technological and legal changes taking place in the international trade finance industry." In addition to attracting and retaining customers, the bank is certain that Trade Innovation eBanking will meet their future needs. "Our aim is to be a one-stop shop for exporters and importers; Trade Innovation eBanking is a gateway to these opportunities," says Musallam Al-Shukairy.

Commenting on the deal, Juan Cejudo, Regional Sales Manager, says: "By deploying Internet technology, the bank can now give access to their customers without the need for installing and maintaining software at the client's site. Trade Innovation eBanking has been developed with the very latest technology in Java following J2EE standards, to ensure that the system has the highest levels of security available on the market today. Customers will benefit from greatly reduced turnaround times for their transactions and can track the progress of their transactions from initiation to completion in real time." He concludes: "Our close collaboration with BankMuscat has resulted in a smooth implementation that was again delivered on time and on budget and cemented our already successful relationship."