Banca Comerciala ‘Ion Tiriac’ SA (Banca Tiriac), established in 1991, and now Romania’s largest, privately-owned commercial bank, has chosen Midas-Kapiti International’s (MKI) Equation DBA universal banking solution to support its rapidly expanding business, as well as enabling the bank to provide customers with facilities for ‘anywhere banking’.

Anthony van der Heijden, Banca Tiriac’s President and Chief Executive Officer, explains, “The bank is entering a new phase of rapid growth and would have been held back by the limitations of its existing decentralised system. We therefore decided to search for a proven, real-time universal banking solution.”

"The bank is seeking to increase volumes in all existing products, as well as looking to introduce new products aimed at particular market segments. We want to be seen as a brand leader and offer a portfolio of products that will enable us to compete effectively in our chosen market sectors," he continues. "Another objective is to expand our main marketing channels to include as a priority electronic banking and mobile phone banking, followed by internet banking. However, to achieve this aim, we need a centralised real-time solution at the core of our operations, which is open and easily integrated with new banking channels. Equation is proven to offer these qualities."

Banca Tiriac evaluated a number of packages from rival suppliers, including FNS’ Bancs, Kindle’s Bankmaster and Temenos’ Globus before signing a contract for MKI’s Equation product at the end of April 2001. The system will incorporate a range of applications to support the bank’s extensive retail banking operations, including Retail Account Services, Retail Deposits, and Retail Lending, together with Cashier System and Co-sign. The Cashier System, MKI’s branch automation platform, will be implemented throughout the bank’s network of 40 branches to automate teller functions, with Co-sign providing automated signature verification.

Other components of the system include modules for Foreign Exchange/Money Market, Clean Payments and Commercial Lending, plus Equation’s new Profitability Analysis application. This is designed to analyse the wealth of data held on the Equation database and will provide the bank with accurate statistics by which to judge the relative performance and profitability of different products, account types, branches, departments and individuals within the organisation.

Installation of Equation is planned to get under way by the end of May 2001, when MKI business consultants will begin work in conjunction with Banca Tiriac’s project team to re-design the bank’s working practices, to ensure it can take full advantage of all the advanced facilities offered by the system. An ambitious implementation schedule is also planned, with Equation due to go live at the bank’s Head Office in Bucharest in just six months.
Anthony van der Heijden comments, "Rapid time to market with a new system was an important factor in deciding which company and solution we invested in. We also wanted to minimise project risk and therefore looked for a company with the ability to provide fast implementation. MKI has an excellent reputation and a proven track record in implementing Equation in record time and linking it to new banking channels quickly, as demonstrated by projects at other banks in the region."

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