The solution has been implemented across the bank's 46 branches.
This deal marks yet another win for Nucleus in the Middle East region. FinnOneTM FAS implementation will help enhance the bank's turnaround time in approving loans against securities, determining and managing the credit limit for a customer.
FinnOne™ Finance Against Securities (FAS) is a comprehensive solution that establishes credit lines to individuals and corporates against the pledging of financial securities like shares, debentures, units, etc. Objective of the product is to value the collateral security provided by the customer in order to determine credit worthiness. As market value of the security offered is very volatile in nature, the system conducts valuation on regular intervals.
The bank implemented FinnOne™ solution across its 46 branches in the UAE region, in its endeavour to refurbish its lending operations. This implementation is seen as a strategic move by the bank to increase its market share significantly in the lending market.
Commenting on the announcement, Vishnu R. Dusad, CEO & MD, Nucleus Software, said, "We are happy to be associated with Mashreq Bank and this partnership marks yet another client win in the Middle East region. The bank has chosen our solution because of our track record and our domain understanding of the industry. We are confident that our solution will help them achieve their overall business goals."
Alexander Sinclair, CEO, MindScape, the IT arm of Mashreq Bank, commented "Mashreq Bank understands and values the importance of regular updates in its IT solutions, the policy was always to choose the best and the most secure software products, for this, we have chosen the FinnOne™ solution from Nucleus Software."
Nucleus' flagship product FinnOneTM is the "No. 1 Best Selling Retail Lending Software" globally. (IBS Publishing* for the year 2006). With over 141 clients across the globe Nucleus is a fast - growing player with a leadership position in regions spanning APAC, Europe, Middle East and Africa. Nucleus, today commands leadership position in the domestic retail banking space with a client base comprising most leading banks in India. Experiencing exponential growth in the retail banking scenario, Nucleus is focused to deliver strong technology offerings, enabling financial institutions to meet the demands of the dynamic business world.
Browse
related articles
Nucleus Software implements another FinnOneTM contract in the Middle East region
- United Arab Emirates: Wednesday, March 14 - 2007 at 11:33
- PRESS RELEASE
Nucleus Software (NSE: NUCLEUS), a leading global provider of next generation software products for banking and financial sector today announced its deal with Mashreq Bank, UAE's largest private bank, for its flagship product FinnOneTM Finance Against Securities (FAS).
Related stories
Also consider reading:
Digg
Facebook
LinkedIn
Twitter
Browse
related articles
Today's most read articles:
Log in to request more information from Nucleus Software
Notes and media contacts
About Nucleus Software Export Limited:Nucleus Software established in 1986 has been providing innovative & pioneering Products & customized Software Solutions for the Banking and Financial Services Industry. With global presence & development centers, Nucleus has developed solutions in Retail & Corporate Banking, Credit Cards, Cash Management, Relationship Banking, CRM, ATM, Credit Appraisal, Trade Finance, EAI, E-Commerce, & M-Commerce.
More than 250 product implementations globally and a customer base of 141 spread in a number of countries across Europe, Asia Pacific, South-East Asia, Middle-East, Africa, America, Australia, Nucleus has orders in hand for another 150 implementations in another 80 countries by 2008
Nucleus Products:
FinnoneTM Suite
- Finnone Customer Acquisition System (CAS)
- Finnone Loan management System (LMS)
- Finnone Collections
- Finnone General Ledger
- Finnone Deposits
- Finnone Finance Against Securities (FAS)
Other products
• Cash@Will (Cash Management System)
• BankONet (Internet & Mobile Banking)
Nucleus Software is a Level 5 SEI - CMM Company & enjoys strong business relationships with leading multinational players.
About Mashreq Bank:
Mashreqbank is the largest private bank in the UAE. It is also the country's second oldest commercial bank, having originally been established as Bank of Oman in 1967 and changing its name to Mashreq - which in Arabic means both sunrise and the East - in 1993.
With 46 branches in the UAE, four in Qatar, two in India and one each in Bahrain, Egypt, Hong Kong, United Kingdom and United States of America, its considered to be one of the fastest growing banks in the region. Mashreq Bank has received numerous international awards, particularly for quality management. According to independent researchers it has more ISO certified operations than any other bank in the region "by a wide margin".
About International Banking Systems (IBS):
The IBS Sales League Table is compiled by IBS Publishing, UK based on a worldwide survey of sales of banking solutions to new named banking wins in the calendar year including Commercial, Retail and Private banking solutions. IBS is an independent research and publishing house dedicated to the wholesale, retail and private banking systems market. This survey is increasingly recognized globally as the only one of its kind that independently tracks the financial products marketplace. IBS is known for their objective coverage of the financial services systems market, cutting through supplier hype, with investigative news, features and surveys.
FOR FURTHER INFORMATION, PLEASE CONTACT
Niraj Vedwa
Head - Global Sales & Marketing, Nucleus Software Exports Limited
Phone: + 91-120-2403979
Safia Khan
Corporate Communications, Nucleus Software Exports Limited.
Phone: +91-120-2404050
Kinara D'Souza
Account Executive, 20:20 MEDIA
Phone: +91-11- 26933291
Posted by Janeta Novakovic, Assistant News EditorWednesday, March 14 - 2007 at 11:33 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
Disclaimer:
Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AMEinfo.com Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AMEinfo.com Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
It looks like you are using a Mac - check out our 
Web Feeds