Efatha Bank selects Neptune’s Rubikon Banking System

Neptune Software Plc, a leading provider of banking systems, has announced that
Efatha Bank, a new bank opening in Tanzania, has selected Neptune’s Rubikon Banking System to drive its ambitious objectives.
Efatha bank is an affiliate of the well-established Efatha Foundation Limited which has investments in several other sectors across the country including real estate and agriculture.
The bank aims to provide world-class banking services to a broad and inclusive range of customers, both retail and commercial.
The managing director of Efatha Bank stated that “Our team, including representation from our board, looked at several systems including those running elsewhere in Tanzania. We did not hesitate to decide in favour of Rubikon, which offers features well ahead of competing products. As a new entrant in a relatively mature market dominated by multinational banks, we needed a system that offered an edge and we are delighted we found one.”
Stephen Roberts, executive, Neptune said “Efatha bank is a very attractive client for an aggressive software solution provider such as Neptune. We aim to offer real solutions which contribute tangibly to the success of our clients. We look forward to supporting their vision and developing our relationship with Efatha as they grow with time.”
Adding his comments, Chibuzo Ene, Neptune’s Managing Director for the region observed that “clear opportunity still exists in Tanzania for innovative banks that are determined to enhance their customers’ experience beyond what a typical Tanzanian bank offers. For a number of reasons, new products and delivery channels have not been exploited despite recent positive developments in terms of infrastructure, availability of IT skills and legislation. Banks such as Efatha who have the right systems can enjoy first mover advantage.”
The bank will commence operations in Dar es Salaam but will extend its branch network across the entire country. The implementation project will be over a 2-month period, and Rubikon will go into production in time for Efatha to open its doors for business in August 2009.
Rubikon is a next generation banking solution that offers a comprehensive range of functionality. Features include integrated workflow/event management, case management, document management, rules engine, multiple delivery channels, regulatory compliance, business intelligence and data warehousing. Rubikon is a 100% Java solution, based on J2EE technology and built on a Service-Oriented Architecture (SOA). It supports both grid and cloud computing on the Oracle 10g platform, offering a basketful of cost and operational benefits to users. It is also the first system that truly eliminates the need for an “end of day” processing.