Bank of Cyprus is a long-standing customer of MKI, having standardised on MKI’s Midas solution together with the company’s City Dealer deal capture package for treasury operations at its Head Office in Nicosia, and its international branches in London and Athens. The bank uses systems from other suppliers for retail operations, with Alltel’s mainframe-based Systematics package in use at the bank’s 200 domestic branches in Cyprus, and Fiserv’s ICBS for Athens. Bank of Cyprus had originally taken the option to extend the ICBS contract to cover its London operation.
However, following the successful implementation of Equation DBA at the bank’s international branch in Australia, Bank of Cyprus has now chosen to replace the long-serving KIBS system with Equation at its London branch, in preference to continuing with the ICBS implementation.
A spokesman for Bank of Cyprus in Nicosia Head Office, comments, “We were already aware of Equation’s strengths, which is the latest generation of its forerunner (KIBS) that we have been using in London for some years. The speed and ease of Equation’s implementation to meet the very tight deadline set for the opening of our Australian branch operations, was particularly impressive. For this reason, we reconsidered our original option to try and implement Fiserv’s ICBS for the London branch and have opted to license Equation DBA instead.”
“Other factors which influenced our decision were the wide range of retail functionality now incorporated within Equation, and the ease with which we can modify the system to handle the introduction of new products and services at any time,” he continues. “The speed of implementation will also enable us to provide our London branch with all the benefits of a modern solution in a very short space of time.”
To support the bank’s retail banking operations in London, Equation will include applications for Retail Account Services and Retail Lending, plus an ATM interface, in addition to the system’s branch automation platform, Cashier System. Also included in the system are the Commercial Loans application, and the Integrators Technical Package, to simplify the creation of interfaces between Equation and the bank’s other systems. The bank signed the contract for Equation DBA in November 2000, and expects to go live with the core system during the first half of 2001.
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