The New Building Society of Malawi (NBS) has contracted Global Technology Banking to install Globus, the world-leading international banking solution, in a deal worth over $750 000.
Commenting on the deal, Ray Leonard, CEO of Global Technology said: "NBS had a non-Y2K compliant legacy system that needed to be replaced with a new-generation system. Globus automates processes such as interest calculations, commission payments and charges, and allows for on-line reporting. The modular nature of Globus will allow NBS to be prepared for the move from a building society to a full-blown bank, by simply adding more modules to the system."
Clement Dimba, Head of Banking Services at NBS, says that the most important benefit offered by Globus is the added functionality of real-time transacting. "Interbranch transfers are transacted immediately, without needing to reside in a suspense account first. This decreases the possibility of errors as it enables immediate validation of information," he says.
Leonard adds that another benefit offered to banks is the relatively short implementation and upgrade times that Global Technology Banking is able to deliver. "Upgrades generally take only one day, while new modules take a few weeks. In addition, yearly updates and upgrades to new versions of Globus are included in the contract, containing the cost-of-ownership for the bank," he says.
Globus was recently named, in the International Banking Newsletter, as the best-selling banking solution worldwide. Distributed across sub-Saharan Africa by JSE-listed Global Technology, the system has been installed in over 40 sites throughout Africa.
Global Technology is a provider of IT solutions to the banking, insurance and financial services sectors in southern Africa. The company listed on the JSE in November 1998 and was recently named one of the best IT companies in South Africa.
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