International Islamic speeds up payment processing through ACH

November 09, 2012 - 4:45:04 am

DOHA: Qatar International Islamic Bank (QIIB) has successfully gone live with Misys’ payment solution, Misys Payment Manager. The bank selected Misys to support its transition onto Qatar’s Automated Clearing House (ACH) network and will now be able to make simple, secure and reliable payments through this network.

QIIB has implemented Misys Payment Manager to provide comprehensive support for Direct Debits thereby helping to reduce the volume of cheques received. The bank can now process any types of payments regardless of size, complexity and structure. It has improved efficiency through compliance with the ISO20022 standard format for payments and process automation enabling it to comply with local regulations and maintain its high standard of customer service.

“Customer service is key to us remaining ahead of our competitors and at the forefront of the industry,” said Ali Al-Mesaifi, Chief Operating Officer at QIIB. “With that as a continuing goal coupled with the challenge of complying with the local regulations, Misys’ solution offers a quick and low risk way to innovate our payments infrastructure. The solution includes functionality that extends visibility and control of both outbound and inbound payments through the complete payment life-cycle, from initiation to settlement. We have worked closely with Misys for many years now and are pleased to extend this partnership to enable us to strengthen our business and maintain our competitive edge.”

“Misys is recognized as a global expert in terms of helping banks to integrate their existing systems with new payment networks. Misys Payment Manager’s flexible architecture allows banks to take a phased approach to the transformation of their payment systems,” said Maruf Majed, Managing Director, Middle East for Misys.

“They can focus on the resolution of specific business issues through a series of manageable projects. Migrating to a strategic payments environment can be achieved while delivering ongoing benefit and early return on investment.”

The Peninsula

 
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