Financial Objects plc, a leading provider of advanced banking and financial services software solutions, is extending its relationship with the Alpha Bank London Group, a subsidiary of the Alpha Bank Group, one of the leading banking and financial services groups in Greece, to implement its ibis s2 commercial banking suite in a number of its subsidiaries.
Following the successful migration to ibis s2 at Alpha Bank London Limited, a London-based private banking operation and a Financial Objects' customer for more than ten years, the Alpha Bank London Group has confirmed two new deployments of the commercial banking application suite. These will be implemented at Alpha Bank A.E (London branch), a wholesale banking branch and Alpha Credit Group Plc.
"Building on the successful relationship with Financial Objects at Alpha Bank London Limited, we sought a proven technology platform that would enable us to manage diverse business activities," said Linda Cullen, Assistant General Manager at Alpha Bank London Group. "The ibis s2 solution will enable us to automate manual processes, improving operational efficiency and decreasing operational risk. ibis s2 provides functionality, flexibility and ease of use, and this was a key factor in our decision-making process."
ibis s2 is Financial Objects commercial banking offering which combines in-depth business functionality and advanced IBM and Microsoft technology in a single, highly integrated front, middle and back office banking system. The Alpha Bank London Group implementations will be tailored to support the needs of each subsidiary, delivering unrivalled commercial banking functionality on a high performance, fully scalable platform.
"We have established a strong relationship with Alpha Bank London Ltd over the past few years and we are thrilled to extend it to the two new entities," said David Carruthers, director of the IBIS division at Financial Objects. "The in-depth business functionality and extensive modularity of the ibis s2 solution enables seamless installation in any given environment and the Alpha Bank London Group will quickly see cost advantages from the multiple deployment of our platform."
Alpha Bank London Group has also extended its use of ibis s2 to its bond investment operations in London and Jersey. ibis s2 provides a Capital Markets module that gives full support for primary and secondary market trading together with market maker activities. The bank is currently using the Lending module of ibis s2, which handles complex loan processing and makes transaction recording a more efficient and automated process thus decreasing operational risk. The user is able to record and control all related information including collateral, guarantees and fees and ensure that all events affecting the lending facility, and any loans under the facility, are brought rapidly to the user's attention.
Alpha Credit Group Plc handles bond issuance for the Group. This subsidiary is migrating from an in-house system to ibis s2 as its volume of business increases enabling it to benefit from the greater automated processes of the capital markets module.
ibis s2's front and middle office applications are designed to give banks a significant competitive advantage, while the solution's evolutionary approach to back office processing is built around core software already proven in hundreds of banking sites around the world.