May 12, 2009
| Press Release
New Delhi, May 12, 2009
Bank of Bahrain and Kuwait Opts for Nucleus Software's Cash Management Solution CASH@WillTM | Another Win for Nucleus Software in Middle East
: Nucleus Software Exports Limited (NSE: NUCLEUS, BSE: 531209), a leading provider of integrated software products for banks and financial institutions, announced today that it has acquired a new client, the Bank of Bahrain and Kuwait (BBK), one of the largest commercial banks in Bahrain. Nucleus Software’s cash management solution - CASH@WillTM and BankONetTM modules - will be implemented by the Bank of Bahrain and Kuwait for the transaction banking services.
BankONetTM will empower BBK to offer online services to its corporate customers, thereby enhancing customer service by offering effective tracking of payments and account balance, enabling fund transfers and opening of letter of credit. CASH@WillTM
will help BBK to organize their cash management systems for managing cash flow and implementing long-term solutions that are flexible and can adjust to the changing business environment.
Selected after a thorough evaluation of the various system proposals, BankONetTM and CASH@WillTM were chosen for their ability to lower turn around time of operations, flexibility, scalability and capacity to integrate with the bank's numerous systems.
On this occasion Vishnu R. Dusad, CEO and Managing Director, Nucleus Software Exports Limited said, “We are delighted to partner with Bank of Bahrain and Kuwait, one of the largest banks in Bahrain. As an IPR led company, at Nucleus, our continued focus is on providing excellent services to our clients and innovation in product development. We are confident that BBK will reap great benefits by leveraging our cash management solution. We look forward to further strengthening our relationship with BBK as they expand their business rapidly and explore newer technologies to stay ahead in the market.About Bank of Bahrain and Kuwait:
Bank of Bahrain and Kuwait B.S.C, (BBK) was established on 16th March 1971 in accordance with the Amiri decree and started operations a year later. In 1972, the Bank began operations with a capital of BD 1 million (US$ 2.5 million). Today, it has grown to become one of the largest commercial banks in Bahrain, with a capital base of BD 102 million (US$ 270 million). The bank has a strong regional presence. In addition to the 18 domestic branches that it has in Bahrain, it also has a branch in the State of Kuwait, as well as two branches in the Republic of India and a representative office in Dubai, United Arab Emirates. In the last few years, the Bank has established a number of subsidiaries in the areas of brokerage, financial services and credit cards. BBK takes pride in being able to provide a full range of lending, deposit, treasury and investment services to various sectors of the domestic and regional markets, using state-of-the-art technology. The Bank plays a major role in financing infrastructural and industrial projects in Bahrain and the Gulf, creating products and services that cater to the needs of individual borrowers, depositors and investors.About CASH@WillTM:
All other parameters being equal, how well an organization manages its collections, payments and liquidity has a direct bearing on its status, against a competitive backdrop. Nucleus Cash Management Solution CASH@WillTM built on new generation technologies of Oracle empowers banks to offer their corporate customers optimized cash management services, dramatically improving funds collection and inflow forecasting, payment dispatch and funds utilization. It provides anytime, anywhere access to quality real-time consolidated information and seamlessly supports multi-bank, multi-currency, multi-lingual transactions, ensuring smooth flow of information and cash.