Saudi Riyad Bank, one of the largest financial institutions in the Middle East, has selected software provider Calypso Technology for full support from its front office to the back.
Calypso is to provide treasury operations and cross-asset structured product front-to-back-office solution that is said to significantly improve its straight-through-processing rate. The bank will be able to align its treasury operations with international and Islamic financial industry standards.
"It was important for us to select a vendor that would deliver industry best practices, front-to-back-office support for structured products and cross-asset capabilities as well as the Sharia-compliant support that is critical for our market and for growing the business regionally," says Riyad Al-Zahrani, executive vice president of operations at Riyad Bank.
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