Codebase Technologies, a leading Global Open API Banking solutions provider at the forefront of enabling banks and financial institutions (both conventional and Islamic), as well as, the emerging FinTech ecosystem to demystify digital financial services, has successfully upgraded the existing Pool Management system deployed at National Bank of Pakistan.
The Islamic banking industry in Pakistan has witnessed impressive growth recently with its assets reaching 12.9% of the banking sector and deposits accounting for 14.8% of the total banking industry deposits. With the Islamic sector growing rapidly, more banking organizations require a robust and digital alternative to manage the integrity within their profit distribution and management services.
A provider of Open API Banking software with a global footprint, Codebase Technologies’ comprehensive digital banking suite, Digibanc™, supports financial institutions with their initiatives for Digital Transformation. DigibancTM PoolSmart is a comprehensive profit distribution and management solution that allows institutions to manage multi-currency and segment pools whilst enabling real time Sharia’a compliant depositor rate calculations. The solution complies with all the local and international Sharia’a and regulatory standards.
The Upgrade will allow the bank to develop better deposit products and have greater insights into their customer portfolio. The new version of DigibancTM PoolSmart brings a modern technology stack coupled with highly customizable data-driven models.
Codebase Technologies’ Managing Partner, Raheel Iqbal, commented, “This is an exciting and bold initiative that promises to set an industry standard for Islamic banking in the country, allowing Islamic banks to have a deeper visibility into their asset/liability and depositor profile.”
National Bank of Pakistan’s officials commented, “Having a robust solution with the ability to manage profit distribution on a real-time basis which adheres to Sharia’a and local state bank requirements will help our Islamic Banking Division to be more transparent to our customers. We have placed our trust in Codebase Technologies for over 10 years for providing us with their innovative Sharia’a compliant solutions as we work together in delivering customer-centric digital propositions at the National Bank of Pakistan.”
