Azerbaijan, Baku / Trend / Azerbaijani Kapital Bank announced an open tender in accordance with the requirements of the Word Bank in order to provide for operation system requirements of a modern bank. Indian i-Flex Solutions Limited won the tender.
On 27 January 2006 the parties signed the agreement to introduce the Flexcube bank operating system. In May 2006, the bank experts held training in India.
Each stage of the project (installation, training, GAP analysis, parametrization, UAT, migration, Live) was successfully held within a short period. The modules of CORE and Retail Banking - CORE (ICCF, CASA)- Loans & Deposits - Enhanced MIS- Signature Verification-Electronic Messaging System- Payments and Collections- Funds Transfer- Branch- Utility Payments
Corporate Banking: Foreign Exchange, Money Market, LCs and Guarantees, Bills and Collections, Nostro Reconciliation were applied.
According to the bank, Azerbaijan is the first country in the CIS to introduce such a number of modules and to apply them within 11 months instead of usual 1.5 - 2 years. Flexcube has been operating on-line in the Kapital Bank since 23 July.