Bank of Maldives picks Finastra Essence for core banking upgrade

Bank of Maldives has selected Finastra Essence to replace or upgrade core banking functions as part of its long-term digital transformation programme, Finastra said. The software provider said the agreement is intended to help the lender bring products to market faster, increase automation and support both conventional and Islamic banking services.

Finastra did not state the value of the contract or provide an implementation timetable in its announcement. The deal links the Maldives’ largest domestic banking institution, according to Finastra’s description of the bank’s role in the country, with a core banking vendor used by financial institutions seeking more configurable transaction and account infrastructure.

Core banking systems sit at the centre of a bank’s daily operations. They maintain customer accounts, process deposits and payments, support lending products and provide the operational records that branch, mobile, internet and relationship-management channels use. A change to this layer can affect the speed at which a bank launches products, the degree to which manual processes are reduced and the consistency of services across channels.

Finastra said Essence will give Bank of Maldives a more open and adaptable platform. The company said the system is designed to support automation, straight-through processing and smoother service delivery. Straight-through processing refers to the handling of transactions from initiation to completion with limited manual intervention, subject to a bank’s controls and operating model.

The platform will also support relationship managers in developing and offering services aligned with customer needs, Finastra said. The company added that the implementation will help Bank of Maldives continue offering conventional banking products alongside Islamic banking products.

Mohamed Shareef, chief executive and managing director of Bank of Maldives, said the bank’s strategy is based on ongoing innovation and creating value for customers and communities. He said the partnership with Finastra Essence gives the bank a more agile foundation for innovation, operational performance and wider delivery of financial services across the country.

Siobhan Byron, executive vice-president of universal banking at Finastra, said Bank of Maldives is a significant institution in the Maldives’ financial sector. She said the bank’s choice of Essence reflects Finastra’s view that its platform can help financial institutions innovate while retaining resilience and operating discipline.

Finastra said Bank of Maldives chose Essence after assessing its functionality, technology, open-platform flexibility, delivery capabilities, market reputation and engagement during the evaluation process.

This story draws on original reporting from Finextra Research.