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Equity Bank upgrades core banking system
Nairobi 12th February 2014… Equity Bank Group together with Infosys Technology, IBM, Oracle and Open Way Group today unveiled the successful upgrade of the Group’s integrated and robust IT platform which will enable the Bank roll out its future technology driven innovative products, provide comprehensive business functionality and enhance customer experience.
Equity Bank core banking system has now been upgraded to Finacle 10. The enhanced solution allows over 8.7 million Equity Bank customers to transact seamlessly across five countries- Kenya, Uganda, Rwanda, Tanzania and South Sudan. Finacle will support the Bank’s efforts to roll out offerings faster, explore new lines of business and deliver a superior banking experience to its customers.
Equity Bank’s multi-country operations will now run on a single instance of Finacle, which is deployed centrally. This helps the Bank save on infrastructure and maintenance costs, while ensuring a 360 degree view of customer relationships. A unified view of customers allows the Bank to offer personalized products and services. Seamless integration across multiple channels and third party systems will facilitate productivity improvements across the Bank. New accounts can be opened in less than five minutes.
The Bank has also enhanced its storage facilities by acquiring and installing the latest enterprise IBM DS8800 storage system to cater for increased storage and processing requirements. The Bank has installed IBMs latest Power 7 systems – p795 to power the Bank’s core banking. This makes its data storage and processing capability the best and most robust in the region.
To further enhance the speed and cope with volume transactions from ATMS, mobile and all self-service channels and analytics, Equity Bank has implemented Oracle SuperCluster. This is Oracle’s fastest and most scalable engineered systems with a capability of supporting more than one million transactions concurrently. The systems deliver extreme performance, the highest consolidation availability and efficiency and eliminate risks of build-it-yourself architecture. This system will ensure the Bank offers customers a delightful experience through high performance and availability of the card and mobile transactions
To support a one-stop payment gateway, Equity Bank has upgraded to Way4 payment switch from OpenWay Group for enhanced payment processing and expanded acquisition strategies including mobile transactions. The system has the capability to acquire and authorize all major cards in the world today like Visa, MasterCard, American Express, JCB and CUP. The system also supports transactions originating from contactless devices, ecommerce websites, mobile devices, merchant and Payment Associations. Way4 is EMV compliant with card personalization and instant issuing features.
Speaking while unveiling the new technology platform, Dr. James Mwangi who was in the presence of Peter Hunt, Oracle’s Senior Systems Sales Director -North and East Africa, Lebanon and Jordan; Wim Pardon, CEO OpenWay Group; Nicholas Nesbitt General Manager IBM Eastern Africa and Venkataramana Gosavi, Vice President and Regional Head – Growth Markets, Finacle, Infosys said, “Equity Bank has led the way in fostering financial inclusion. We have created products and services for customers across all segments, starting from the bottom of the pyramid. Our vision is to empower our customers and grow with them to champion the socio-economic prosperity of the people of Africa. We thank our partners, Infosys, IBM, Open Way and Oracle who have walked with us in this venture. We look forward to taking new offerings to our customers faster and grow our market share.”
Venkataramana Gosavi, Vice President and Regional Head – Growth Markets, Finacle, Infosys said, “Africa is experiencing rapid economic growth. It is imperative that banks take advantage of modern technology to realize their true potential in this dynamically growing market. We are privileged to have been a part of the success story that Equity Bank has scripted over the past decade. Our journey with Equity Bank is a great example of how financial institutions can accelerate growth and delight customers with the right technology foundation.”
About Equity Bank
Equity Bank is the leading inclusive bank in Africa by customer base, with over 8.7 million bank accounts which is over 50 % of all bank accounts in Kenya and has operations in Uganda, South Sudan, Rwanda and Tanzania. The Bank is listed in Nairobi Securities Exchange and Uganda Securities Exchange. The vision of Equity Bank Ltd is to champion the social economic prosperity of the people of Africa while its purpose is to transform the lives and livelihoods of the people socially and economically by availing them modern, inclusive financial services that maximize their opportunities.
Equity Bank has been a leader in financial innovation. It was the first bank to introduce the EMV compliant ATM cards in the country and played a lead role in championing agency banking in Kenya that continues to demystify banking by taking financial services to the door steps of citizens in Kenya, Rwanda South Sudan and Tanzania. In 2011, Equity Bank was named Africa’s Most Innovative Bank by the African Banker for championing delivery channels that have taken financial services to the last mile.
About Infosys Ltd
Infosys is a global leader in consulting, technology and outsourcing solutions. We enable clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence. Visit www.infosys.com to see how Infosys (NYSE: INFY), with US$7.4B in annual revenues and 158,000+ employees, is Building Tomorrow's Enterprise® today.
IBM is a globally integrated technology and consulting company headquartered in Armonk, New York. With operations in more than 170 countries, IBM attracts and retains some of the world's most talented people to help solve problems and provide an edge for businesses, governments and non-profits.
Innovation is at the core of IBM's strategy. The company develops and sells software and systems hardware and a broad range of infrastructure, cloud and consulting services.
Today, IBM is focused on four growth initiatives - business analytics, cloud computing, growth markets and Smarter Planet. IBMers are working with customers around the world to apply the company's business consulting, technology and R&D expertise to build systems that enable dynamic and efficient organizations, better transportation, safer food, cleaner water and healthier populations.
Oracle engineers hardware and software to work together in the cloud and in your data center. For more information about Oracle (NYSE: ORCL), visit www.oracle.com
About Way 4
OpenWay Group is a payment processing software vendor (rated as strong positive by Gartner in 2009and 2010). OpenWay’s WAY4 Card Issuing and Merchant Acquiring, Financial Switching, Personalised Mobile Payments, Mobile Wallet and other payment solutions successfully operate at 130 banks, processing and telecom companies in Europe, Asia, North and Latin America, the Middle East, and Africa.
WAY4 is a customer-centric rule-driven environment for debit, credit, prepaid and commercial cards, deposits, loans, current accounts, mobile money and other financial products, for targeted marketing campaigns and personalised self-service via ATMs, kiosks, POS terminals, web, mobile banking and other channels.
Based on open platform clusters, WAY4 ensures 24/7 processing and scales from compact to high-end systems supporting 3000 TPS, 150 million cards and 20 thousand branches in 11 time zones. WAY4 solutions are SEPA-compliant, certified by MasterCard, Visa, AMEX, Diners Club, JCB, CUP, and PCI SSC (PA-DSS compliance).
Some Highlights about IBM p795 (Power 7)
- For large-scale server consolidation to increase flexibility and lower operational and energy cost
- For enterprises requiring the highest levels of resiliency for their mission-critical applications
- For data centers supporting the largest UNIX and IBM i transaction processing and database applications
Some Highlights About IBM DS8800
- Delivers up to three times performance improvement for faster transaction processing and real-time analytics
- Provides extraordinary system availability with full hardware redundancy and advanced business-continuity solutions integrated with IBM enterprise servers
- Optimizes performance and cost objectives with five generations of IBM® System Storage® Easy Tier® and other advanced self-tuning features
- Scales up to 1 terabyte (TB) of system cache and up to 2 petabytes (PB) capacity
- Enables consolidation through tremendous scalability, self-optimization, drive tiering and support for a broad range of workloads
Equity Bank Group