Dubai-based online financial services company Cashswitch has licensed Misys International Banking Systems’ Fontis iBanking solution in a move aimed at promoting Internet banking uptake throughout the Gulf region.
The Dubai firm, backed by Bahwan Group of Oman, will act as an application service provider (ASP) or license the Misys platform directly to banks in the Middle East region who wish to make e-banking services available to their clients, but prefer not to incur the development costs normally associated with them. Such services will range from account management and transaction enquiries to secure funds transfers, enabling customers to fulfill all of their banking requirements online.
R. Seetharaman, CEO of Cashswitch and a former senior banker, comments: “At Cashswitch we believe that fast and economical implementations of quality technology products are essential for regional banks entering the e-banking arena...Our final decision rested on the fact that the Misys solution offers a secure, flexible e-banking platform that can be easily implemented and rolled out to clients in exceptionally short timeframes.”