Central Bank of Lesotho overhauls tech with Intellect Design Arena
The Central Bank of Lesotho has gone live on Intellect Design Arena’s Quantum Central Banking Solution (QCBS).
According to India-based Intellect, the “key highlight was an accelerated implementation with zero errors during migration despite complex integration with multiple external interfaces”.
Mothetsi Sekoati, head of business solution at Central Bank of Lesotho, says the project is an “important milestone” in its “digital transformation journey”, and Intellect “delivered on their promise of timely implementation without any cost over-run”.
Banking Technology understands that the bank selected the system in 2015, to replace the legacy Misys Midas solution.
QCBS includes treasury management, trade finance, currency management, foreign currency trading and liquidity support. Intellect says it is equipped with a configurable system integration layer that interfaces with the ERP and seven external systems.
The system is also designed with a real-time enterprise general ledger with an active balance sheet – for audit and control capabilities.
The Lesotho deal follows quickly on from yesterday’s (19 April) announcement that Intellect is to provide QCBS to Central Bank of Armenia.
The vendor says its solution will help the bank “to streamline its business processes across multiple departments and external entities”. Also, “automation of processes will remove all unnecessary manual intervention in transaction processing”.
Intellect’s software is used by a number of central banks, including the Reserve Bank of India, Central Bank of Seychelles, National Bank of Ethiopia and Sweden’s Sveriges Riksbank.