Profile Software, a leading international financial solutions provider, announced today that Bankmed, one of the largest banks in Lebanon, went live with Acumennet by Login SA, a Profile Company, as their Group wide Treasury platform, embarking on a major digital transformation to help the bank deliver faster services across users and customers.
Bankmed has more than 2,000 employees, 50 local branches, one e-Branch, five overseas offices and four banking subsidiaries. Their key mission is “to best serve and empower their customers and the society at large, to dream, innovate and grow.” Following an RFP process, the bank decided to revamp its IT infrastructure deploying completely new Core Banking, CRM and Treasury Management Platforms.
They selected Acumennet for all their treasury requirements as it was evaluated the most suitable platform to help them achieve digital transformation by increasing efficiency, control and STP. The full process is automated with the bank achieving data migration in the most turbulent times along with full support of highly experienced consultants. All processes and daily activities run smoothly without affecting the “normality” of the bank.
Acumennet has been deployed as a Front-Middle-Risk Treasury system across a comprehensive spectrum of asset classes such as Forex, Money Market, IRS and CRS, Currency Options, Futures and Options, as well as Securities. The platform was implemented in collaboration with Oracle since it has full integration to FCUBS. By selecting the award-winning Treasury Management platform, the bank is able to manage a wide range of instruments including very complex derivative structures and benefits from a robust technology infrastructure for its operations, as well as for its risk management.
As mentioned by Mr. Fouad Baalbaki, CIO at Bankmed Group “Selecting the ideal partner and consultant to deploy such a huge project was a difficult task however we managed to go live using strong technology tools for our bank without jeopardising in quality. Acumennet is the ideal Treasury Management platform for us, as well as the team that supports it, since we are able to automate our process, being ready, despite the adverse difficulties in the country and across the world, to deliver a continuous customer service and the bank being compliant to local and international standards, whilst digitally and remotely”.
About Profile Software:
Founded in 1990, Profile Software is a specialised software solutions provider with offices in key financial centers and a presence in 40 countries across Europe, the Middle East, Asia, Africa and Americas delivering market-proven solutions to the Investment Management and Banking industries. Profile Software is recognised as an established and trusted partner by international industry specific advisory firms. Profile Software’s solutions enable organisations to align their business and IT strategies, while providing the necessary business agility to proactively respond to the ever-changing market conditions.
With more than 75 years of solid banking experience, Bankmed has successfully positioned itself as one of the top-tier banks in Lebanon. The bank has long been recognised for its leading role in corporate banking. Capitalising on this experience, the bank has actively expanded its banking services to include Corporate Banking, Retail Banking, Private Banking, International Commercial Banking, Small Businesses Banking, Medium Enterprises Banking, E-Banking, Business Development, Investment and Brokerage services, Asset Management, Treasury and Investment Services, in addition to Financial Institutions, Trade Finance, and Microfinance.