Bank Leumi UK Taps Finastra to Upgrade Core Banking

Bank Leumi UK, the London-based subsidiary of the Israeli banking group, announced on Tuesday that it has upgraded its core banking system by tapping the services of financial Technology Provider Technology Provider A technology provider is an individual, company, or entity that creates, render services and sells software applications or hardware. Currently, there are four types of tech providers which are as followed:Software-as-a-Service (SaaS) – Functioning as a subscription-based licensing and delivery model, SaaS is centrally hosted and may also be referred to as on-demand software. Tech Hardware – Powerful tech providers such as Apple, Oculus Rift, FitBit, and Samsung are examples of tech hardware pro A technology provider is an individual, company, or entity that creates, render services and sells software applications or hardware. Currently, there are four types of tech providers which are as followed:Software-as-a-Service (SaaS) – Functioning as a subscription-based licensing and delivery model, SaaS is centrally hosted and may also be referred to as on-demand software. Tech Hardware – Powerful tech providers such as Apple, Oculus Rift, FitBit, and Samsung are examples of tech hardware pro Read this Term, Finastra.

The press release shared with Finance Magnates detailed that the upgrade improved the speed and functionality of the lender’s processes, thus boosting its efficiency.

“This upgrade is part of the promise to our customers to constantly build upon the services and solutions we offer,” Leumi UK’s Chief Technology Officer, Alon Shmuel said. “Thanks to Finastra, we can ensure that we are using the latest software and most up-to-date technology to provide an even better, faster service to our customers.”

Carrying Out a Crucial Operation during the Pandemic

The bank and its technology partner carried out the upgradation process at a time when all the industries were gripped by various restrictions imposed due to the spreading pandemic.

The step was taken as the bank’s new IT strategy. This upgraded infrastructure, according to the announcement, will allow the lender to easily onboard new businesses and improve its overall customer experience.

“We are very grateful to Finastra for the expertise, dedication, and professionalism they exhibited as we undertook this ambitious endeavour together. Their support allowed us to complete the project in under nine months, despite the challenges we faced from the Coronavirus Coronavirus The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, Read this Term pandemic,” Shmuel added.

Meanwhile, Leumi UK appointed Mickey Schiller as its new CEO recently, replacing Gil Karni.

“Finastra has worked hard to deliver a robust services strategy that enables us to support customers, like Leumi UK, and help them to achieve their goals, whether for a new implementation or a core upgrade,” John Mitchell, Finastra’s Vice President of Global Services for Europe, said.

“This is particularly crucial with current restrictions preventing us from being on the ground with our customers. We are delighted to support Leumi UK during its transformation and pleased that we were able to complete the project together ahead of schedule. Our collaborative working relationship was a significant mitigation to the challenges faced with the onset of the pandemic.”