Bank Fast Tracks Digital Roadmap with Fiorano; Seamlessly Integrates its Finacle CBS
SINGAPORE--(BUSINESS WIRE)--Fiorano Software announced today that I&M Bank, Kenya has chosen the Fiorano platform to achieve digital transformation to reduce time-to-market while integrating its Finacle, Core Banking System. I&M Bank’s need for digital transformation arose from its new strategy aimed at giving each market segment a customized proposition to complement their lifestyle and financial requirements. The use of multiple point-to-point connections was impeding this goal due to its rigidity, high maintenance and management costs.
“Fiorano has made our digital journey easy and cost effective," said Rohit Gupta, Group CIO, I&M Bank. As stated by S.S. Tarakaram, Director Business Development, Fiorano, “With Fiorano, I&M bank transformed its business processes enabling it to quickly rollout multiple banking services to achieve competitive differentiation and provide positive customer experiences in the emerging East African Market.”
Fiorano exposes I&M’s services for multiple peripheral systems consumption. Service consuming channels include Agency Banking, Mobile Banking, Investment Banking, ATM Management and Kenya Banking Authority’s Inter-Bank Transfer Switch, KITS. Fiorano’s architecture allows seamless integration of services with channel applications and message queuing takes care of guaranteed data delivery with message logging and tracking systems. I&M Bank can now offer core banking operations like balance enquiries, fund transfers, withdrawals, deposits and statement generation at the bank. Fiorano has enabled I&M to facilitate services offered by the Kenya Revenue Authority and Integrated Population Registration Systems.
About I&M Bank: With total assets exceeding US$1.57 billion, I&M Bank is ranked as one of the top 10 banks in Kenya. In February 2018, the bank launched a corporate strategy dubbed “Imara”, for new customer value propositions for its business segment. Kihara Maina, I&M CEO said that the move was in line with its aspiration - “to become a banking powerhouse in East Africa for middle to large businesses and premium clients.”
About Fiorano: Fiorano, a Silicon Valley based USA (California) Corporation is a trusted provider of Digital Business Backplane and enterprise integration middleware, high performance messaging and peer-to-peer distributed systems, since 1995. Fiorano operates through its worldwide offices and a global network of technology partners and value-added resellers. Global Leaders including AT&T Wireless, L’Oréal, NASA, Royal Bank of Scotland and Vodafone have deployed Fiorano to achieve digital transformation, yielding unprecedented productivity.