Profile Software announces Bankmed’s selection of treasury platform

By Edil Corneille

London-based Profile Software announced that Bankmed went live with Acumen^net by Login SA, a Profile Company, as their Group wide Treasury platform. This enables the bank to embark on its digital transformation journey and deliver faster services.

Bankmed has over 2,000 employees, 50 local branches, an e-Branch, 5 overseas offices and 4 banking subsidiaries. Their key mission is “to best serve and empower their customers and the society at large, to dream, innovate and grow.” Following an RFP process, the bank decided to revamp its IT infrastructure deploying completely new core banking, CRM and treasury management platforms.

They selected Acumen^net for all their treasury requirements as it was evaluated the most suitable platform to help them achieve digital transformation by increasing efficiency, control and STP. The full process is automated with the bank achieving data migration in the most turbulent times along with full support of highly experienced consultants. All processes and daily activities run smoothly without affecting the ‘normality’ of the bank.

Acumen^net has been deployed as a front-middle-risk treasury system across a comprehensive spectrum of asset classes such as forex, money market, IRS and CRS, currency options, futures and options, as well as securities. The platform was implemented in collaboration with Oracle since it has full integration to FCUBS. By selecting the treasury management platform, the bank is able to manage a wide range of instruments including very complex derivative structures and benefits from a robust technology infrastructure for its operations, as well as for its risk management.

Fouad Baalbaki, CIO at Bankmed Group said, “…Acumen^net is the ideal Treasury Management platform for us, as well as the team that supports it, since we are able to automate our process, being ready, despite the adverse difficulties in the country and across the world, to deliver a continuous customer service and the bank being compliant to local and international standards, whilst digitally and remotely.”

Founded in 1990, Profile Software is a specialised software solutions provider with offices in key financial centres and a presence in 40 countries across Europe, the Middle East, Asia, Africa and Americas delivering solutions to investment management and banking industries.