International Turnkey Systems (ITS) has upgraded its Ethix core banking system for one of its largest clients, Commercial Bank of Dubai (CBD).
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| Commercial Bank of Dubai Completes Seamless Ethix Core Banking System Upgrade with International Turnkey Systems |
CBD has been using the Ethix system for many years, initially adopting its predecessor, Phoenix. The last major upgrade of CBD's core system occurred in 2012.
Harris Mygdalis, Deputy CIO at CBD, reported that the Ethix upgrade was completed "on time and without any post roll-out issues."
He stated, "Meticulous planning, multiple rehearsals, a well-defined project scope, and over 900 systematic tests with close involvement from the CBD team ensured flawless execution with no major glitches."
In 2014/15, there were rumors that the bank was considering replacing Ethix with a more global system featuring extensive capabilities. However, no new deal was finalized, according to Banking Technology.
Around the same period, CBD undertook a significant revamp of its front-end software, modernizing and harmonizing solutions across all delivery channels. This included introducing a new virtual assistant, the first in the Middle East, to support CBD's push into the retail market. The bank implemented Flexcube Direct from Oracle FSS for internet banking as part of this project.
These channels are integrated into the middleware layer based on WebMethods from Software AG, a project completed in 2011, which connects to the Ethix core.
CBD also utilizes the Fusionbanking Trade Innovation trade finance system from Finastra (formerly Misys) on a Software-as-a-Service (SaaS) basis, making it the first major bank in the Middle East to adopt an outsourced trade finance platform.
CBD offers conventional and Islamic banking services in the UAE, holds over $10 billion in assets, and employs more than 1,000 people.
Published on Dubaitowa.