Global Technology Banking, part of JSE-listed Global Technology Limited, has been awarded a tender, through an international consortium, to implement GLOBUS at the State Bank of Pakistan. The implementation contract is valued at $1.2 million.
GLOBUS is TEMENOS` world-leading banking solution. The development and implementation of GLOBUS at the State Bank will be project managed through the Johannesburg-based GLOBUS Implementation Centre (GIC) which has considerable experience in implementing GLOBUS into state banks in Africa. The GIC facilitates lower cost implementations by Global Technology`s world-class consultants.
Ken Theron, CEO of Global Technology Banking, says, "The State Bank of Pakistan is an extremely prestigious contract to have won. Being the central bank of the country, it is solely responsible for determining fiscal and monetary policies in Pakistan.
"The bank plays a pivotal role in Pakistan`s economy as one of its key functions is to advise the Government of Pakistan on monetary policy and assist with the implementation of the recommendations. The State Bank of Pakistan also acts as a watchdog over the health and stability of local commercial banks and their systems, ensuring that they maintain the necessary capital resources.
"This the first sale and implementation that Global Technology has completed in this region. It marks our entry into a new market, and adds to the series of prestigious central bank GLOBUS implementations that we have successfully embarked upon," he concluded.
Says Dr Ishrat Husain, governor of the State Bank of Pakistan, "Global Technology`s implementation of GLOBUS will allow the State Bank of Pakistan to offer its clients, including other banks, a technologically advanced payment system. It is extremely difficult for the State Bank of Pakistan to fulfil their watchdog role utilising a paper-based payment system and we expect to see significant benefits from GLOBUS.
"Because the State Bank plays a key role in providing payment services and facilitating interbank transactions, a system like GLOBUS ensures that we can offer these services. GLOBUS will allow the State Bank of Pakistan to conform to international banking standards as well as provide reliable accounting information that will facilitate loans to the Government of Pakistan from the World Bank, International Monetary Fund, and the International Cooperation for Administration.
"GLOBUS allows for flexibility and adaptability with regards to implementation, and our banking solution is tailor-made to suit all of the bank`s needs and requirements. GLOBUS also facilitates development in terms of technological growth, which is vitally important for us, as we will be updating our software products on a continual basis," concludes Dr Husain.
The Government of Pakistan received a loan from the International Bank for Reconstruction and Development for the supply, implementation and support of information systems, network and services at the State Bank of Pakistan. The international consortium is lead by Hyundai Information Technology. The first phase of the project, Treasury Operations, is expected to go live in July 2001.
GLOBUS is a fully integrated system that provides for the many different elements within a banking organisation, and automates functions based on a straight through workflow methodology.
It enables banks and other financial institutions to automate their banking activities, such as wholesale, retail, treasury and private banking, as well as back-office functions. Global Technology distributes GLOBUS across Africa and Australia.
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