TBI switches to Misys Equation

The Trade Bank of Iraq (TBI) is the latest in a line of banks to implement Misys Equation.

The bank follows the likes of Arab Bank, Pakistan’s KASB bank and the Egyptian Saudi Finance Bank in integrating the automated banking system.

However, TBI is the first bank in Iraq to install Misys Equation.

Before the upgrade, each branch of TBI used stand-alone offline systems with daily transactions consolidated at the end of the day.

With the new system, a central database is maintained where TBI customers can access their accounts, and updates on financial information can take place in real-time as soon as the transaction is committed.

Hussein Al-Uzri, chairman at TBI, says: “Equation has streamlined TBI’s business processes and will be the gateway to mobile and internet banking for the bank. This automation reduces manual intervention and human errors, resulting in accurate information and smooth processing of transactions.”