August 23, 2012
Bank Alfalah, one of Pakistan's largest banks, has successfully implemented Temenos Transact to enhance its Treasury Operations, with the valuable support of Systems Limited. Bank Alfalah boasts an extensive network of over 400 branches spanning 150+ cities within Pakistan and maintains an international presence in Asia and the Middle East. The bank offers a comprehensive range of financial solutions, catering to consumers, corporations, and governments. These encompass corporate and investment banking, consumer banking and credit, commercial banking, SME services, Agri-finance, Islamic banking, and asset financing solutions.
The initial phase of the implementation, launched in 2009, focused on integrating its retail operations, serving roughly one million customers, as part of its expansion strategy. The success of this phase prompted the bank to embark on the second stage, involving centralization, to deploy Transact across its extensive network of 400+ branches throughout Pakistan. Presently, the bank is in the midst of implementing the third phase of Transact, geared towards enhancing its Islamic Banking Operations, with a planned go-live in the second quarter of 2013.
The bank chose Systems Limited to execute the Temenos Transact implementation due to the robustness of its pre-configured solutions and best-practice processes. This new platform replaced the long-standing in-house legacy system, BankSmart, which had served for nearly two decades. Leveraging Temenos Transact, Alfalah Bank will harness the extensive process workflow capabilities and advanced features of the software to automate various back-office treasury functions. This includes managing securities, transactions, interbank loans, and deposits on a contemporary platform, enhancing operational and financial efficiency.