Misys International Banking Systems (Misys-IBS) has announced that Bank Turan Alem, one of Kazakhstan’s largest financial organisations, has selected its Trade Innovation solution to support the expansion of the bank’s trade finance business. Bank Turan Alem has experienced rapid growth in trade finance and now boasts a 30% market share in its region. Trade Innovation was chosen to facilitate this growth by providing greater operational efficiency and cost reduction for its Kazakhstan and Russian operations.
Due to go live in May 2003, the Trade Innovation implementation will support the full range of trade-related business applications, from traditional letters of credit and collections to bills financing, syndicated lending and clean payments.
Bank Turan Alem selected the solution following evaluation of three competitive systems. Sholpan Lebayeva, head of the international division, comments: “Trade Innovation will give us a powerful tool to retain our leading position in the trade finance business against major competitors in the region. The localised support, global reach of the company and overall quality of the trade finance solution made Misys-IBS the clear choice.”
Integration with existing systems was also a crucial consideration for the bank. Trade Innovation’s open architecture allows ease of integration with forthcoming implementation projects and enables better financial control and customer management through real-time interfaces with the bank’s existing back-office. Meridian from Misys-IBS is used to integrate Bank Turan Alem’s trade finance operation with its existing systems. Using Misys-IBS’ Meridian Integration Toolkit, the Bank is assured of secure and flexible connectivity between applications and the ability to share key data with the back-office.