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Oromia International Bank goes live with ICS core banking system

Tuesday 6 August 2019 10:05 CET | News

Ethiopia’s Oromia International Bank (OIB) has gone live with ICS Financial Systems’ (ICSFS) core banking software, reports Jane Connolly of FinTech Futures.

The bank implemented ICSFS’soffering, ICS Banks, for its Islamic (interest free) and conventional banking operations. OIB also took on some of the vendor’s digital banking products to provide customers with a “true omnichannel experience”, according to ICSFS.

OIB has rolled out the new technology across its network of 264 domestic branches. The bank’s end-of-day processing has since been reduced to less than 30 minutes, the vendor states.

It was announced in 2017 that ICSFS would supply its core banking system to underpin OIB’s Islamic banking operations. The solution is designed and developed following the principles of Shari’ah in compliance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

 


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Keywords: Oromia International Bank, ICS Financial Systems, core banking, digital banking
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Countries: World