AlRayan Bank has implemented Finastra’s Corporate Channels platform to improve its digital banking services for corporate clients. The move is intended to provide a unified and secure experience across all digital channels, while enhancing operational efficiency and customer satisfaction. The bank aims to modernize its trade finance and cash management systems, allowing for new mobile-first features and quicker access to funds.
The implementation was led by IBC Solutions, a provider of banking services in the Middle East and Africa, and was completed within four months. During this period, AlRayan Bank also upgraded to the latest version of Finastra Trade Innovation to comply with ISO 20022 MX messaging standards. Both solutions are designed to support Shariah-compliant banking services throughout the process.
“Going live with Corporate Channels is a major step forward in our strategy to offer best-in-class digital services to our corporate clients,” said Omar Al Emadi, Acting Group Chief Executive Officer of AlRayan Bank. “The platform provides us with the flexibility and scalability to meet evolving market demands while delivering secure, innovative, and client-centric trade finance and cash management services. We have expanded our long-standing partnership with Finastra based on the richness of its functionalities, ease of integration, and rapid deployment. More importantly, this transformation directly supports our goal to be the most trusted, Shariah-compliant financial institution at the forefront of innovation in Islamic banking.”
Houssam Itani, Group Chief Transformation Officer at AlRayan Bank, stated: “At AlRayan Bank, we are committed to driving our transformation in a way that genuinely benefits our customers. The launch of the Corporate Channels is part of our larger vision to transform banking into a smoother, more efficient, and more personalized experience. It is also a testament to our improved ability to launch market leading products faster and smoother.”
Finastra’s Corporate Channels platform offers modular solutions for trade finance, supply chain finance, cash management, financing, and treasury operations tailored for corporate clients. It includes embedded security tools and regulatory compliance features along with real-time analytics capabilities. The API-enabled system allows for easy integration with other platforms.
AlRayan Bank has also adopted Finastra’s Essence core banking solution while continuing its use of the Opics treasury management system as part of an ongoing collaboration between the two organizations.
“AlRayan Bank has been a valued partner for over 16 years,” said Manish Joshi, Vice President, APAC and EMEA, Lending at Finastra. “The successful go-live of Corporate Channels highlights our shared vision of co-innovation and digital transformation. We are proud of the speed and quality of delivery, achieved in close partnership with IBC Solutions, and we look forward to supporting AlRayan Bank in unlocking new growth opportunities and advancing its innovation journey in Islamic finance.”
