Finca picks Autosoft’s core banking system for Pakistan
Finca Microfinance Bank, a Pakistan-based subsidiary of international microfinance organisation Finca, has signed for a new core banking system, Autobanker. The solution is supplied by local banking tech vendor Autosoft Dynamics.
The new platform will support core processing, consumer financing, treasury management, fixed assets and MIS reporting.
On the way out is Hplus, a legacy system from another Pakistan-based tech developer, Bilogic Systems. The bank will benefit from “improved quality, reliability, performance and new features” with the introduction of Autobanker, Autosoft says.
The vendor adds that this tech overhaul project is “in line with the bank’s strategic objective to follow a focused digital strategy” as well as expand nationwide.
Autosoft competed with Oracle FSS and its Flexcube core offering (provided by local system integrator Techlogix) and Temenos with T24 (provided by another local tech firm NDC) on the shortlist. Overall, 11 banking systems from various providers were considered.
KPMG assisted with the system selection and risk assessment of the vendors.
Autosoft says its system was selected “based on superior financial and technical evaluations, particularly in its ability to synergise, co-exist and evolve alongside Finca’s digital platform – Simsim”.
“Finca is determined to play its part to increase financial inclusion in Pakistan, leveraging the digital channel that is growing exponentially,” comments Mudassar Aqil, CEO of Finca Microfinance Bank.
“This system upgrade will allow Finca’s operations to become extremely nimble, and will serve as the backbone for complete automation of our branch banking services.
“As a result, offering tailored products and services to our customers would become easier and speedier as the system integration with the Simsim platform will digitise the delivery of microfinance products to our low income entrepreneurs.”
Finca Microfinance Bank has been using Autosoft’s HR management system, AutoHRM, since 2015 and the vendor’s mobile payments and service delivery platform, AutoMWALLET, to power the Simsim wallet since 2016.