Dubai, UAE, May 19, 2013 - Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, has become the first Bank in the Middle East and North Africa region to implement Misys' trade finance system on Software as a Service (SaaS) model. Notably, CBD's initiative will be the first deployment of a trade finance solution on the SaaS model for a major bank in the region.

CBD plans to extend its leadership position in trade finance by augmenting its online capabilities and introducing innovative supply chain products like Tasdeer Export Finance and Non-recourse Factoring, including Islamic Shari 'a-compliant trade products.

"The trade finance market is rapidly evolving and it is important that we have the most advanced technology underpinning our business growth," said MahmoodHadi, Chief Operations Officer at CBD. "To maintain our strong position in the market, we chose the Misys TI Plus solution offered on a 'pay as you go' SaaS model by Encore Theme. I am happy to note that CBD is the first bank in the region to go live on  theSaaS model".

Added LakshmananSankaran, DGM & Head of Operations and Trade Finance at CBD, "The TI Plus software not only offers full support for our range of conventional, Islamic and supply chain trade finance products, but also is seamlessly integrated with our core banking system. This helps us to simplify our processes and keep costs to a minimum, allowing us to offer faster turnaround times and more convenience, keeping abreast with our customers' needs. We are delighted to partner with Encore and Misys in this project and note with satisfaction, that the CBD and Encore Theme have been able to implement the software and go live in a record amount of time."

Encore has played an instrumental part in providing the solution via the Software-as-a-Service (SaaS) delivery model. "We are living in a time where the only certainty is uncertainty", said HariPadmanabhan, Executive Chairman of Encore. "In such times, banks need technology solutions that can deliver a business outcome at a pre-determinable cost per transaction. This variable cost model enables them to match cost with revenue, and protect and enhance their bottom line. By working with the Encore Theme + Misys partnership, CBD will also gain a competitive advantage by reducing the turnaround time for delivering transactions to trade customers, and at a lower cost per transaction. Encore is proud to be the pioneer in offering the benefits of the SaaS solution to the banking sector  in the region." 

"Our world-class trade finance solution gives CBD an unrivalled capability to meet the demands of the current trade finance market, both in customer service and full front-to-back functionality. Working in such a rapidly changing market as the Middle East is a challenge for any bank and we are delighted to be able to provide CBD with the best system for its needs in this key region," said Amer Attar, Partner Sales Senior Director - Middle East and India.

During the evaluation process, CBD reviewed a number of different trade finance offerings. The bank's final selection of an integrated Misys TI Plus and Misys Trade Portal was based on the domain expertise of Encore and Misys professionals, extensive product functionality and the ability to deliver the solution using the SaaS model.

-Ends-

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About CBD
Commercial Bank of Dubai (CBD) was established in 1969, as a Public Shareholding Company by an Emiri Decree issued by His Highness the Late Sheikh Rashid Bin Saeed Al Maktoum, the founder of modern Dubai. In the beginning, the Bank started out as a joint venture of Commerzbank, Chase Manhattan Bank and Commercial Bank of Kuwait with UAE businessmen holding a minority stake.

In 1982, CBD reached a major milestone in its development when it transformed into a National Public shareholding company with major increase in the capital base and significant restructuring of operations. This represented a major turning point in the Bank's history when the Government of Dubai became a key shareholder holding 20% of its shares.

Over the last 42 years, CBD has developed into a progressive and successful leading banking institution in the United Arab Emirates. CBD is endowed with a strong financial structure  and management, as well as a loyal and ever increasing customer base. The Bank is listed in DFM.

The Bank now offers a full range of corporate, commercial, retail and Islamic banking services through a network of 27 branches, 2 Cash Offices, 172 ATMs, 43 cheque deposit machines spread across the UAE. The Bank also has 3 subsidiaries namely CBD Financial Services, Attijari Al Islami - Islamic Banking Department and Attijari Properties.

About Encore
Encore's mission is to bring together best-in-class technology-enabled business solutions and proven capabilities into a unique Business Service Ecosystem designed to deliver complete business services to our customers across diverse markets with differentiated needs. The delivery model has five distinctive features of Best in class, Local Knowledge, Domain Expertise, Ensuring Growth & Architecting Solutions.

Encore currently provides solutions to companies across banking, financial services, shipping & logistics, retail & distribution, education & government across Middle East, Africa & India. The group companies have more than 300 customers across the region using their products and services.

Encore Theme (a preferred partner of Misys) offers enterprise applications to clients on a SaaS model across the Middle East and African regions. This innovation is in addition to other IT services such as Business Analysis, Product Support, Implementation, Testing, etc.

Based on years of banking product development expertise, Misys has designed a dedicated Trade Finance banking solution - TI PLUS (Trade Innovation Plus) and MTP (Misys Trade Portal). Now TI PLUS and MTP are available to customers as SaaS - entirely based on a pay-per-use concept.

Find out more at www.encoresolutions.com

About Misys
Misys is at the forefront of the financial software industry, providing the broadest portfolio of banking, treasury, trading and risk solutions available on the market. With 1,800 customers in 120 countries our team of domain experts and partners have an unparalleled ability to address industry requirements at both a global and local level.

Misys was formed by the merger of Misys with Turaz, which includes the award-winning Kondor+ product line.  Combined they are able to address all customer requirements across both the banking and trading book businesses. Misys is the trusted partner that financial services organisations turn to for help solving their most complex problems.

Find out more at www.misys.com

© Press Release 2013