Pakistan (PRWEB) October 29, 2007
SunGard (http://www.sungard.com) today announced that Faysal Bank Limited (FBL), one of Pakistan's leading banks with approximately US$2.3 billion in assets, has successfully gone live with SunGard's System Access Symbols core banking solution across its domestic branch network of 88 branches, as well as with System Access Customer Service Manager for its internet banking services. FBL chose SunGard's System Access to replace its legacy, distributed system in December 2004.
FBL's vision is to be a leader in the financial sector through organic growth and profitability. As FBL geared for rapid channel expansion, it realized it needed a core banking system that would provide the necessary scalability and critical enterprise-wide information on its customers in order to better manage its total exposure and risk.
SunGard's System Access Symbols is a customer-centric solution with a common enterprise foundation and customer information file. The solution will provide FBL with a 360-degree view of its customers across products and applications. With this improved understanding, System Access Symbols will help FBL to rapidly introduce innovative products tailored directly to its customers' needs. In addition, System Access Customer Service Manager will also enable FBL to extend its customer service beyond its branches by providing secure Internet banking self-service capabilities.
Ahmed Kamran, chief information officer at Faysal Bank Limited, said, "We are extremely happy that our bank has now gone live with SunGard's System Access Symbols across all of its branches, including our head office. Covering the whole spectrum of our business from wholesale to retail banking, the implementation experience has been very challenging -- but we believe it is also one of the fastest implementation projects of this complexity anywhere in the world. Faysal Bank now has the centralized core banking operations we need to take better care of our customers and help power our rapid growth."
Leslie Loh, president of SunGard's System Access business unit, said, "Going live at Faysal Bank adds to our growing list of successful implementations in Pakistan of a localized universal banking solution with international banking best business practices. The hard work, dedication and exceptional teamwork shown by both teams at Faysal Bank and SunGard have resulted in a mutually rewarding and very successful project."
About Faysal Bank Limited
Faysal Bank Limited (FBL) was incorporated in Pakistan on October 3, 1994 as a public limited company under the Companies Ordinance, 1984. Its shares are listed in the Karachi and Lahore stock exchanges. The bank is engaged in commercial, consumer and investment banking activities. The bank reported close to US$ 2.3 Billion in total assets last June, 2007. Effective August 15, 2006, Ithmaar Bank B.S.C., an investment bank listed in Bahrain, has become the ultimate holding company of FBL.
Faysal Bank Limited is on a path of rapid growth. In September 2005, FBL had 55 branches. Today, the bank has a current branch network of 88 branches and 6 sales and service centers across the country. By the end of 2007, FBL intends to have 105 branches and 9 sales and service centers.
About SunGard's System Access
SunGard's System Access provides universal banking solutions that help banks deliver a broad range of banking products and services for retail and wholesale banking. System Access provides solutions for back-office transaction processing, front-office multi-channel delivery, card management and payments. System Access solutions provide straight-through transaction processing, centralized common services, work-flow driven business process and an enterprise-wide customer information repository. View SunGard's System Access solutions at http://www.sungard.com/systemaccess.
With annual revenue exceeding $4 billion, SunGard is a global leader in software and processing solutions for financial services, higher education and the public sector. SunGard also helps information-dependent enterprises of all types to ensure the continuity of their business. SunGard serves more than 25,000 customers in more than 50 countries, including the world's 50 largest financial services companies. Visit SunGard at http://www.sungard.com.
Trademark Information: SunGard, the SunGard logo, System Access and Symbols are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.
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