Riyadh, Saudi Arabia-based Al Rajhi Bank and Wipro Arabia Ltd., a subsidiary of Wipro Ltd., the IT, consulting and systems integration vendor, report that, after a two-year implementation, the Oracle-based data repository has gone live, moving the bank from its legacy system.
The new system creates a bank financial accounting hub (FAH), integrating all banking systems through the FAH and Oracle’s automated general ledger, and “building a single repository for all financial data and developing an effective reconciliation and errors handling mechanism,” according to a Wipro statement.
The shift to Oracle FAHGL has “brought in operational efficiency at the bank especially in the treasury, risk and card business operations,” reducing reconciliation time “from three-four days to fifteen minutes,” Wipro says.
The new repository “is most important to ARB for its digital transformation journey, enabling new types of innovation and creativity, which commenced with replacing the legacy MCGL by a modern GL, integrating all banking operations systems to build a single repository for all needed financial data, and develop an effective reconciliation, errors handling mechanism required for the financial reporting,” Waleed Al-Mogbel, the bank’s chief operating officer, says in the statement.
Al Rajhi Bank, a Sharia-compliant banking group, characterizes itself as one of the largest Islamic banks in the world, with total assets of $76.8 billion. The bank has more than 500 branches, including more than 120 “dedicated ladies branches,” the firm says.
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