Bangalore: Union National Bank (UNB), Abu Dhabi, one of the Middle East’s leading banks, today announced the implementation of the Infosys Finacle Treasury solution to empower its Treasury and Capital Markets’ business, as well as integrate its trading, risk management and back office operations.
Finacle has also enabled UNB to extend its Fixed Income offering to newer markets in Europe and South East Asia and manage more asset types effectively.
In a release, Galal E Khadr, Senior VP – Head of Treasury & Investment Division, UNB said, “As we expand our operations regionally and globally, it is critical for us to deploy the right technology that allows us to effectively reach and serve our customers. Key operations within UNB’s back office, such as accounting, SWIFT and UAEFTS have now been completely automated with Finacle. This will allow UNB to manage increased business volumes without increasing headcount. I am glad that over the years, our focus on quality has been maintained and enhanced even as our operations have expanded significantly”.
Venkatramana Gosavi, Regional Head, Growth Markets – Finacle, Infosys said, “The successful roll out of Finacle Treasury at UNB reiterates our strong partnership with the bank and the solution’s seamless management capabilities. It also reinforces our commitment to the Middle East and Africa market. Through this ongoing technology transformation engagement, we will continue to help UNB accelerate its own innovation-led growth and provide the highest level of service to its customers.”
The implementation of the Finacle Treasury solution will help UNB process trades faster and also aggregate risk across multiple asset classes seamlessly. The new solution has automated the monitoring of various limits and alerts to relevant stakeholders at UNB. It also offers real-time monitoring and action in case of a security breach. In addition, regulatory reports can be prepared with ease ensuring compliance and faster reconciliation between the bank’s middle and front-office records. Finacle management modules implemented at UNB include Forex, Money Market, Fixed Income Securities, Equities, Derivatives, VaR and Limits and Risk Tracking
Established as a Public Joint Stock Company in 1982, UNB is one of the leading domestic banks in the United Arab Emirates, headquartered in Abu Dhabi.
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