United Arab Emirates: Cities and Villages Development Bank (CVDB) has gone live in a record time of five months, on ICS BANKS Universal Banking software solution from ICS Financial Systems (ICSFS); the global software and services provider for banks and financial institutions.
The Cities and Villages Development Bank is a publicly owned bank that finances Jordanian municipalities for the development of their infrastructure. CVDB provides long-term financing to establish both; services and productivity projects, through the local councils. The bank administrates and guarantees loans held between the councils and any other party, to support and provide the councils with essential services. The Bank continues as well to contribute to the development process of the local councils, by providing adequate funds, experiences, services, technical and administrative skills within the government’s effort in developing and reforming the municipalities.
Cities and Villages Development Bank (CVDB) Director-General; Osama Al Azzam commented: “Today, we focus on the digital transformation of the fundamental functions of the bank to achieve our vision of: “a smart development bank that promotes sustainable local development.' As a long-standing public bank, one of the challenges we face is shifting our traditional business structure to digital. After the profound business and technological advancements provided by ICS BANKS from ICSFS, I am able now to say that we are now riding the digital transformation wave.”
CVBD supports local development projects by providing the necessary financing, banking services, consultancy, and technical support. CVDB supports as well the capacity building of local authorities and interested parties through servicing and investing in development projects, and encouraging partnership between the public and private sectors, to improve the authenticity of the local communities.
Managing Director of ICSFS, Robert Hazboun stated: “We are content to announce another milestone achievement; CVDB’s implementation project started during the second quarter of this year and went live during the fourth quarter of the same year. With our full support, CVDB will be utilising ICS BANKS holistic software suite’s innovative products and services to support the local council’s projects and mobilise their local and foreign financial resources. We assure CVDB that by operating on our innovative technology, they will soon see improvements across their ecosystem.”
ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS software suite future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers' journey experience, hence improving the trust and confidentiality between the customer and the bank. ICS BANKS has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on-premises or on the cloud.