Fintech solution provider, Path Solutions, has announced that it has successfully deployed and tested its latest iMAL R14.1 technology on Azure, Microsoft’s trusted and intelligent cloud.
Currently used by over 100 Islamic banks, iMAL is a multi-award-winning core banking and investment platform. With iMAL now running on Azure, local banks and financial institutions will experience the many benefits of cloud computing, including increased security, flexibility, mobility and insight.
“In the financial services industry, Microsoft Azure has a strong track record of optimizing customer experiences, risk management and agility.
“In many ways, it complements and enhances iMAL’s value offering, which is to drive productivity, customer-centricity and regulatory compliance, all while lowering costs and risks,” says Mohammed Kateeb, Group Chairman and CEO of Path Solutions.
He adds: “We selected Azure because it reduces our customers’ hardware and maintenance loads, cutting infrastructure costs even further. In addition, Azure’s intelligence features enable increased quality control and data-driven insights – giving our customers an added competitive advantage”.
With the fourth industrial revolution in motion, banks are under increasing pressure to digitally transform – both to keep up with customer expectations and competition. More connected devices and services, and a rise in cybercrime, also means banks are obligated to ensure privacy, retain data ownership and control, and conform to transparency and compliance requirements.
“Organizations today need to be thoroughly invested in their security strategies. iMAL, powered by Azure, simplifies the process for our customers and gives them a trusted solution, which incorporates robust security features such as access monitoring and data encryption”, concludes Kateeb.
