Financial Objects, a leading provider of software solutions for banking, wealth management and energy, today announced that the Alpha Bank London Group, a subsidiary of the Alpha Bank Group, has successfully deployed its ibis s2 solution at Alpha Bank A.E, London Branch and Alpha Bank Jersey Limited. The implementations make these subsidiaries the third and fourth entities in the Alpha Bank London Group to go live on the Financial Objects software respectively. Now fully installed, ibis s2 will enable them to boost productivity and improve workflow.
The decision to select the Financial Objects software for front, middle and back office operations was a logical one for Alpha Bank London Group. The company has been a Financial Objects customer for more than ten years and has experienced vastly improved efficiencies from previous implementations of ibis s2, particularly at Alpha Bank London Ltd, its private banking subsidiary.
After an implementation period of just four months, the London branch migrated from Unisys system, Urbis, to ibis s2. The main business of this subsidiary is lending, with its portfolio covering bi-lateral and syndicated lending. ibis s2 Lending, which processes a wide range of personal and corporate loans, as well as having functionality to manage complex syndicated lending requirements, now provides greater functionality for Alpha Bank's lending business. With a database designed to meet Group wide and Bank of Greece reporting requirements, the branch will also use the software for general ledger, retail banking, treasury, message processing and nostro reconciliation.
Alpha Bank Jersey Limited upgraded to ibis s2 from a previous version of the solution in just six weeks. It is now using the software for general ledger, retail banking, lending, treasury and private banking. The branch is also intends to deploy the Capital Markets module for its bond investment operation later in the year.
"The advanced functionality of the Financial Objects solution has enabled us to automate routine processes and focus on providing higher levels of service to our customers," said Linda Cullen, Assistant General Manager at Alpha Bank London Group. "Furthermore, this cost-effective system has substantially increased the speed and efficiency of our reporting capabilities."
"Alpha Bank London Group is an important and long-term customer of ours and we fully expect it to gain the ongoing efficiency benefits of the ibis s2 solution," said David Carruthers, director of the IBIS division at Financial Objects. "We look forward to further extending our relationship with Alpha Bank and working with them on further projects in the future."