OREANDA-NEWS. March 15, 2011. Over the past several years, the International Bank of Azerbaijan (IBA) has been actively working towards improvement of applied information technologies. As is well-known, the bank has been successfully introduced a new automated banking system (ABS) “Flexcube” as from 1 January 2009, which was developed by Oracle Financial Services Software Limited. The introduction project was initiated in August 2008 and all tests were successfully completed over the next 4-5 months, reported the press-centre of IBA.

FLEXCUBE system is an universal banking system that is designed for work in credit and financial organizations in the capacity of basic registration system. This system is called international, it is operating in 115 countries worldwide. FLEXCUBE system is the best selling solution in the world, moreover, according to IBS Sales League tables magazine, the system maintains its lead in recent years.

In the second half of 2009, Oracle Financial Services Software Limited has released an updated version of the system by extending the functionality and improving existing modules. Having explored the options and opportunities of new version in the IBA, it was decided to update “Flexcube” version. After several months of testing since March 2010 the bank had introduced the latest version of “Flexcube FCJ”.

The introduction of “Flexcube” is a key step in the development of information technologies of the bank. This introduction allowed IBA to expand the list of banking products, minimize operational risks, improve quality and speed of customer services as well as provide an opportunity to introduce new solutions that are integrated into the mainstream banking system.

One of such systems is Flexcube Direct Banking, the newest version of Internet Banking, also developed by Oracle Financial Services Software Limited. IBA has already introduced a corporate module of that system and is now implementing phase of connecting of corporate clients to the above module. It is planned to introduce a retail module of Flexcube Direct Banking (for individuals) in the next phase.

Corporate module of Flexcube Direct Banking enables clients to perform almost all operations while sitting in the office. Using this system, customers may transfer funds within the country, convert currencies, get statements about transactions made, obtain information about currency rates, create deposit transactions, look through reports on credits obtained, transfer salaries to employees of the company. The option of set of payment orders abroad will be added soon. Taking into account the multifunctionality of Flexcube Direct Banking, new internet banking system and convenience of operation, today this product turns to be very essential among the clients of International Bank of Azerbaijan.

Automated banking system not only performs the role of the operating system, but also is basic account book and is used to carry out various analysis of the activity of the bank. Transition to a new system allowed the bank to receive more volume of necessary data, conduct analysis more efficiently. System capabilities of new software allow the bank to maintain more detailed registration and further increase the level of control over operations performed.

In addition to the above, since 2009 the bank had introduced a system of scan of customers’ payment orders. Payments provided by the customers has been inserted into the system through scanning by a special scanning devices, which allowed to minimize operational risks and accelerate the process of payment.

Currently, IBA is working on introduction of an online interface (direct online connection) between “Flexcube” banking system and “Azericard” processing center. This decision will expand the abilities of card transactions as well as establish direct online data exchange with “Azericard”. IBA is planning to implement several joint projects with “Azericard” processing center with a view to improve the quality of services and provision of new services according to funds of bank cards.

Each year, information technologies play an increasingly important role in the development of banking system. To date, there is a great number of technological solutions which ensure provision of banking services to customers at a higher level while ensuring adequate reliability, customer convenience in performance of banking operations as well as quick and efficient service. International Bank of Azerbaijan, as the largest bank in the country, always follows the innovations in the field of information and seeks to continue innovation policies.