Awash International Bank (AIB) is going to launch its advanced CORE banking system in September 2014. The advanced system is said to introduce new services.

The system is known as BankFusion Universal Banking (BFUB) and it is supplied by the UK based software development company, Misys International Financial Systems Ltd. AIB paid 200 Million Birr for the system.

The CORE banking system AIB currently is using was also supplied by the same company. The current system handles all retail banking operations, such as savings, time deposits, loans, demand deposits, subsidiary ledger and general ledger.

The UK based software developer sent its own personnel to Ethiopia so that they will install the system. Misys claims the system will stay in operation for 10 years without failing.

The installment of the new system is taking place at a new three-room data centre in the basement of the Awash headquarters with one room each for, servers, network operation and power unite. According to Fortune, the data centre is already housing servers for production, backup, test and disaster recovery, all newly supplied by Misys itself as part of the 200 million Br deal.

Upon launching the new system, Awash will be able to offer new services such as internet banking, mobile banking agent banking, portal transaction and point of sale.

By the end of September 2014, the Bank expects all tests for the new system will be completed and go operational.

Source: Fortune