New banking tech project for Finastra in Libya
Libya-based Bank of Commerce and Development (BCD) has signed for Finastra’s front-end software to launch a new online and mobile banking platform.
Finastra (formerly Misys) will provide its Fusionbanking Essence Digital Channels and Teller solutions to BCD. They will integrate with the bank’s core banking system, Equation, which is also supplied by Finastra.
The two parties are long-standing partners – BCD has been using the Equation core and the Trade Innovation trade finance system for many years.
The bank will also roll out Fusionbanking Essence Islamic to support its foray into Shari’ah-compliant finance. Wissam Khoury, managing director MEA at Finastra, observes “there is a pressing demand for Islamic finance products and services in Libya, in line with the direction the local authorities are taking to fully support Shari’ah standards and principles”.