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More Middle East Gets Hip To e-Banking

Misys International Banking Systems' (Misys), the Dublin, Ireland-based subsidiary of financial services solutions provider Misys plc., today announced a customer win for its Fontis iBanking solution.

CashSwitch, a large online financial services company in Dubai, has licensed the solution to make Internet banking more accessible and cost-effective for banks in the Gulf region.

Through its new strategic alliance with Misys plc, CashSwitch can act as an Application Solution Provider (ASP) or can directly license the Fontis iBanking platform to banks in the Middle East region.

In its role as an ASP, CashSwitch will provide an Internet banking service on behalf of banks looking to offer these services to their customers at a reduced cost.

Through Misys' solution, bank clients in the Middle East will have access to e-banking services including account management, transaction inquiries and secure funds transfers, enabling them to fulfill their banking requirements online.

CashSwitch already provides several Internet services to the Gulf region's financial sector. According to R. Seetharaman, CEO of CashSwitch and a former senior banker: "We believe that fast and economical implementations of quality technology products are essential for regional banks entering the e-banking arena," he says.

Seetharaman explains that the firm closely evaluated the e-banking solutions in the market before finally selecting Fontis as a platform but he says its easy implementation and flexibility were winning features.

"As customers demand online access to their accounts, banks are now seeking economically viable ways to meet their demands. By offering Misys' Fontis solution, CashSwitch can not only meet but exceed its e-banking requirements," says Ms. Hind Suhail Bahwan, chairperson for CashSwitch.

Commenting on the new alliance, Alan Prior, Regional General Manager for Misys in the Middle East, says: "We are constantly seeking new and innovative ways to empower our customers in the region. We are delighted to be working in partnership with CashSwitch and to be in a position to offer business solutions to our clients in this region."