Bank of Africa United Kingdom, a multinational bank specialising in African markets, has migrated its core banking systems to Oracle Cloud Infrastructure (OCI). The bank aims to receive enhanced performance capabilities, high availability, enterprise security, and lower cost with OCI. Its implementation and migration were delivered by Oracle PartnerNetwork (OPN) member, ‘Version 1’.
Bank of Africa UK chose OCI in order to gain access to flexible, secure, and high-performance cloud computing resources not previously available with its on-premises systems. This includes new capabilities required to run advanced analytics on core banking applications.
OCI also looks to deliver improved system performance across the bank’s mission-critical applications and services including trading, payments processing, and risk.
OCI will support the Bank of Africa UK in achieving further digital innovation, allowing its users to flexibly configure development and test environments to support service improvements and new product development.
The multinational bank is to leverage Oracle Fusion Cloud Enterprise Resource Planning (ERP) in order to streamline its finance operations, automate processes and increase productivity. In turn, the Bank of Africa UK aims to enhance financial decision-making across the entire organisation.
The bank’s new core banking system ‘Temenos Transact‘ has plans to go live in 2023; the platform for which is also being provided by OCI.
Bank of Africa UK runs its core banking systems in the Oracle Cloud London Region. Renewable energy powers this entire region, helping the bank reduce energy consumption across its core operations.
Adopting cloud technologies
Mohammed Anouar Kouhen, COO at the Bank of Africa UK, commented: “Cloud technologies are now foundational to how we design and scale new products and services, innovate for our customers, and run our core banking operations. Our collaboration with Oracle is important in advancing our transformation program.
“Our applications running on OCI benefit from a flexible platform that enables us to adapt and scale critical services at speed, and gives us significantly stronger performance, security controls, and cost efficiencies.”
Richard Smith, executive vice president of technology at Oracle EMEA, also discussed the news. Smith said: “Financial services organisations like Bank of Africa UK increasingly need to adopt new technologies and maintain the speed of innovation to serve their customers, while also meeting their data security and locality requirements in a rapidly-evolving regulatory environment.
“By leveraging OCI to run any application faster and more securely for less, Bank of Africa UK now has the foundation needed to effectively respond to changing market conditions and customer needs.”
Colm Gillard, Version 1, Oracle practice managing director, said: “This was an important migration of business-critical systems for the Bank of Africa UK from the Paris DataCentre. We already provide managed services to the Bank of Africa UK and were pleased to have successfully implemented this migration for an important customer.”