Codebase Technologies has successfully upgraded a key deployment at one of the leading banks in Pakistan.
Codebase Technologies, a leading Global Open API Banking solutions provider, has successfully upgraded the existing Pool Management system deployed at the National Bank of Pakistan.
The Islamic banking industry in Pakistan has witnessed an impressive growth recently with its assets reaching 12.9% of the banking sector with deposits accounting for 14.8% of the total banking industry deposits. With the Islamic sector growing rapidly, more banking organizations require a robust and digital alternative to manage integrity within their profit distribution and management services.
A provider of Open API Banking software with a global footprint, Codebase Technologies’ comprehensive digital banking suite, Digibanc, supports financial institutions with their initiatives for Digital Transformation. Digibanc PoolSmart is a comprehensive profit distribution and management solution that allows institutions to manage multi-currency and segment pools while enabling real time Sharia’a compliant depositor rate calculations. The solution complies with all the local and international Sharia’a and regulatory standards.
The upgrade will allow the bank to develop better deposit products and have greater insights into their customer portfolio. The new version of DigibancTM PoolSmart brings a modern technology stack coupled with highly customizable data driven models.
Codebase Technologies’ Managing Partner, Raheel Iqbal, said: “This is an exciting and bold initiative that promises to set an industry standard for Islamic banking in the country, allowing Islamic banks to have a deeper visibility into their asset/liability and depositor profile.”
A statement from the National Bank of Pakistan said: “Having a robust solution with the ability to manage profit distribution on a real time basis which adheres to Sharia’a and local state bank requirements will help our Islamic banking division to be more transparent to our customers.
“We have placed our trust in Codebase Technologies for over 10 years for providing us with their innovative Sharia’a compliant solutions as we work together in delivering customer centric digital propositions at National Bank of Pakistan.”
Codebase Technologies serves banks and financial institutions (both conventional and Islamic) as well as the emerging FinTech ecosystem and seeks to demystify digital financial services.
The company has presence and customers across four continents and offers an award-winning suite of products, including the Digibanc, a comprehensive one-stop ‘bank in a box’. This helps its customers unlock the true potential of the next generation of the digital financial eco-system.
Overall, it helps organizations create and deliver innovative and intuitive experiences across the customer lifecycle.
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