Banque Saudi Fransi upgrades treasury systems with Finastra
Saudi Arabia-based Banque Saudi Fransi has gone live on an upgraded version of Finastra’s Fusion Kondor treasury management platform.
Banque Saudi Fransi says it is on a digitisation journey
The bank is aiming to “enhance, automate and standardise” its treasury and trading operations, and plans to introduce new pricing models and risk management features.
Finastra says its platform enables trading in high volume and supports “more complex derivatives, options, and structured trades”.
Thamer Yousef, chief operations officer at the bank, says it is on a “journey towards transforming and digitising our business”.
He adds Banque Saudi Fransi will continue to bring in “more innovative nimble services, that have a competitive advantage, to make sure that we extend our business capabilities.”
Finastra’s Fusion Kondor system is the antecedent of the Thomson Reuters Kondor trading and global risk management platform.
Kondor was sold to Vista Equity Partners along with Thomson Reuters’ trade software business in 2011.
Vista Equity Partners bought technology company Misys for £1.27 billion in 2012. It then merged it with newly acquired Canadian firm D+H in 2017 to form Finastra.
Kondor passed through all phases and into the Finastra portfolio.
“Finastra has invested significantly in its solutions to introduce new trading and regulatory features,” says Serge Tohme, Finastra managing director for Middle East, Africa, and Turkey.
“With the latest version of Fusion Kondor in place, Banque Saudi Fransi will have a comprehensive trading, risk management and regulatory compliance solution.”
Founded in 1977, Banque Saudi Fransi operates a network of 120 branches across its home country. The bank is an affiliate of the Crédit Agricole Corporate and Investment Bank.
The bank offers corporate banking, commercial banking and retail banking, including Islamic banking. Its core banking system is provided by Swiss vendor Temenos.
