One Application for all Core Banking Business Processes thanks to MULTIBANK Dynamics®. The Foundation Stone for Successful Banking Transactions.
Launch in record time with innovative Core Banking System
The Bank of Beirut was looking for a banking solution for its office in Frankfurt that covers all functionalities necessary for the German market as far as possible and meets all requirements with regard to legislation and customers.
“We chose Multibank as the product meets the latest demands with its modular and innovative complete solution. As a small foreign bank, we have to be able to rely on the software always being up to date,” reports Wolfgang Schäfer, Business Manager at the Frankfurt branch of the Bank of Beirut. As part of implementation, the institution retains its user software, while the modules relevant for the German branch are provided by the core bank system MULTIBANK Dynamics®. The Lebanese banking software is connected upstream of the modular MULTIBANK system in order to carry out payment transactions and German reporting and registration.
Result: Rapid go-live and an enormous cost saving
The IT specialists from the subsidiary in London and the Beirut headquarters needed just two weeks in Frankfurt to set up the necessary hardware and software with MULTIBANK and an IT service provider and adapt it to the local requirements.
Within a few weeks, all technical prerequisites were in place and the corresponding modules installed (Multibank Dynamics® for reporting and registration, the connection to the account efficiency headquarters in accordance with § 24cKWG, money laundering prevention module).
„For the future we are confident we have found a partner in MULTIBANK that reacts quickly and flexibly and will find and implement innovative solutions together with our staff in the IT department in Beirut.““
Manager Operations Bank of Beirut (UK) Ltd., London Office Frankfurt (Germany)
Following this, the connection to payment transactions with the German Bundesbank was established via an EBICS gateway. “This modular implementation and the manageable number of transactions typical of a newly founded company also made it possible for us to offer the Bank of Beirut an especially cost-effective price model,” explains MULTIBANK CEO Asmus Christesen.
“The user-friendly core banking system from MULTIBANK can be quickly adapted to suit our individual needs and is also able to operate with and without an interface to the company’s own user software within the individual modules,” summarizes Joachim Saal, Manager of Operations of the Bank of Beirut. “For the future, too, we are confident we have found a partner in MULTIBANK that reacts quickly and flexibly and will find and implement innovative solutions together with our staff in the IT department in Beirut,” continues Saal.
Banks, Financial Service Provider
The Bank of Beirut was founded in Lebanon in 1963 and is one of the leading business banks in the region. Besides 42 branches in Lebanon, the institution maintains branches in Oman, in Cyprus and a subsidiary in London, which is now further expanding with the Frankfurt branch. The focus of business in Frankfurt lies on processing foreign trade and payment transactions for correspondent banks in the German-speaking world with particular expertise in the Middle East and West Africa.
The branch uses the application of its parent company in Lebanon as a basic banking system. An application was sought that offers as far as possible all the functionalities required for the German market from one source.
MULTIBANK Dynamics® works on the basis of Microsoft DynamicsTM NAV and is a banking solution that was designed for the specific requirement profile of foreign banks.
State-of-the-art technology: All of the components required for Germany for efficient banking operations. Everything from one source: From designing to implementation, at a very attractive price-performance ratio.