Cities and Villages Development Bank picks ICS Banks
Jordan-based Cities and Villages Development Bank (CVDB) has selected ICSFS and its ICS Banks universal banking system.
ICSFS is deploying the solution on the cloud for CVDB, replacing a legacy system and covering a range of services including remittances, lending, core banking, credit, and risk.
The vendor says CVDB can benefit from automated banking processes, improvements in service provision, and new business agility.
CVDB is a publicly owned bank established in 1979. It provides financing for both local services and projects through local councils.
The bank administrates and guarantees loans held between the councils and any other party. It also aids development in the local area through funding and access to expertise.
“Our main objective is to support the local council’s projects, secure services, and participate in their development,” says Osama Al Azzam, director general of CVDB.
“To administer that, we needed to change our legacy system with a full-fledged cloud solution to cater to our needs.”
Al Azzam says ICS Banks achieved the highest scores for technical capability and total cost of ownership, and provided “the most innovative” digital environment for its needs.
The bank has also added a host of Islamic products, including Murabaha, Istisna’a, and Ijara, to provide “holistic universal banking products”.
ICSFS has also won deals with Asia Alliance Bank, Trustbank, and First Iraqi Bank this year.