Finastra's Corporate Channels initiated with Al Rayan Bank, marking the commencement of their operations together.

Al Rayan Bank, a leading Shariah-compliant financial institution, has recently implemented Finastra's Corporate Channels, marking a significant step forward in its innovation journey in Islamic finance.

Manish Joshi, Vice President of Lending at Finastra, expressed his enthusiasm about supporting Al Rayan Bank in unlocking new growth opportunities. He highlighted the successful go-live of Corporate Channels as a demonstration of the shared vision of co-innovation and digital transformation between the two entities.

The deployment of the new platform was completed in a four-month period, in collaboration with IBC Solutions. The upgrade ensures full compliance with the ISO 20022 MX messaging standard, delivering efficiency improvements and future-proofing the bank's trade finance operations.

Al Rayan Bank has been a valued partner of Finastra for over 16 years, as stated by Manish Joshi. He was particularly proud of the speed and quality of delivery achieved in the deployment of Corporate Channels.

The new platform offers secure, mobile-first access to trade finance, supply chain finance, cash management, and treasury services. Omar Al Emadi, Acting Group Chief Executive Officer of Al Rayan Bank, stated that the platform provides flexibility and scalability to meet evolving market demands.

Houssam Itani, Group Chief Transformation Officer at Al Rayan Bank, emphasized the bank's commitment to driving digital transformation and innovation in Islamic finance. He particularly highlighted Al Rayan Bank’s role in validating and advancing scalable, Shariah-compliant financial solutions such as the new corporate channel platform by Finastra.

The launch of the Corporate Channels is part of Al Rayan Bank's larger vision to transform banking into a smoother, more efficient, and more personalized experience. Houssam Itani also emphasized the bank's commitment to driving transformation that benefits customers.

However, it's worth noting that the statements from Manish Joshi do not mention the flexibility and scalability of the Corporate Channels platform, any specific features or improvements, or Al Rayan Bank's larger vision to transform banking into a smoother, more efficient, and more personalized experience. Similarly, the statement does not provide any new information about Al Rayan Bank's commitment to driving transformation that benefits customers or the compliance status of its trade finance operations.

Despite these omissions, the implementation of Finastra's Corporate Channels is a significant milestone in Al Rayan Bank's digital transformation journey, promising to deliver a more efficient and innovative digital banking experience for its corporate customers.

Finastra's Corporate Channels initiated with Al Rayan Bank, marking the commencement of their operations together.