How iQuasar Transformed Banking Operations for Clients

December 21, 2023
Blog , Case Studies

Introduction to the Client

The Clients are well-established banks across the globe, recognized for their extensive operations in the banking sector. They are known for offering a broad range of financial services, catering to a diverse customer base. Their operations are deeply rooted in understanding local banking needs and regulations, making them a significant player in the international banking landscape.

The Clients’ Problem

Despite their strong presence, the Clients faced several challenges in their banking operations:

Outdated Core Banking Systems: Their existing banking solutions were not in line with the modern, digital-first banking environment.
Limited Online Banking Capabilities: Their Internet banking services required significant upgrades to meet customer expectations.
Inefficient Money Transfer Processes: The existing system for money transfers was not efficient enough to handle the growing demand.
Compliance with Anti-Money Laundering Regulations: They needed robust solutions to adhere to anti-money laundering standards.
Lack of Advanced Lending Solutions: The bank sought more sophisticated customer lending solutions to enhance its service offerings.

iQuasar’s Solution

Implementation of Flexcube Solutions: We deployed Flexcube Core Banking and Internet Banking solutions and Flexcube for Money Transfers. We implemented the solution on UAT and Production environments and provided effective end-user training and knowledge transfer. We coordinated with other teams for testing, production support for file transfers, check-in and check-out.

Anti-Money Laundering Solutions: We integrated Mantas Anti-Money Laundering solutions to ensure compliance with regulatory standards. We facilitated data mapping and interface between Flexcube Core and Mantas AML System.

Advanced Customer Lending Solutions: We implemented Daybreak Customer Lending Solutions for improved lending services. We coordinated between OFSS and the client, set up infrastructure, trained end users, and provided production support.

Finacle Implementation: We provided services related to Configuration, Parameterization, and Installation of Unix, Oracle, and Finacle. This included:

  • MRT Scripting, Data Migration, and User Acceptance Testing support
  • Customization: We customized Finacle per local requirements through scripting. We provided technical guidance, and designed and created reports per local banking regulations.
  • Support: Support at Oracle/Unix and Application level.
  • Training: Application Support Group and End User Training. We trained staff on Finacle and parameterization of Finacle to fulfill the requirements of the bank

Asset Liability and Archival Systems: We enhanced the banks’ asset liability management systems and implemented efficient archival systems.

Technical and Functional Upgrades: We upgraded existing systems to ensure they were in line with current technologies and banking practices.

Oracle Financial Services Software (OFSS): iQuasar’s team, equipped with vast expertise and certified engineers, effectively bridged the gap between the banks’ needs and the Oracle Financial Services Software (OFSS) solutions.

Our service offering, utilized by banks and financial institutions worldwide, encompassed Implementation, Support, Consulting, and Staffing Resources. These services specifically targeted Oracle Financial Software Services’ Flexcube suite of products and Infosys’ Finacle suite of products.

Value Created for the Client

The collaboration with iQuasar brought significant value to the Clients:

Global Expertise, Local Understanding: Leveraging their global experience in banking software implementations, iQuasar offered solutions tailored to the regional banking sector’s unique requirements.
Enhanced Online Banking Services: The implementation of advanced Internet banking solutions significantly improved customer experiences.
Streamlined Money Transfer Processes: The new system offered efficiency and reliability, enhancing customer trust.
Compliance with Regulatory Standards: The anti-money laundering solutions ensured the banks’ compliance with international and local regulations.
Upgraded Lending Services: The advanced lending solutions provided the banks with a competitive edge in offering customer-centric financial products.

In summary, iQuasar’s solutions transformed the Clients’ banking operations, aligning them with modern standards and positioning them for future growth and success in the dynamic banking sector

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