Ethiopia: National Bank Launches New CORE Banking System
The National Bank of Ethiopia (NBE) is about to launch a new electronic system to streamline and facilitate payment processes.The National Bank of Ethiopia (NBE) is about to launch a new electronic system to streamline and facilitate payment processes.
This system, called Quantum Intellect, is centralised, online, real-time and electronic (CORE) and will replace the previous Bank Master system, which could not fully integrate with the new national payment system and unable to manage the currency reserve and government accounts efficiently.
Quantum Intellect was developed by Indian technology firm Polaris Financial Technology Ltd for $3.4 million.
This system follows the implementation in 2011 of NBE’s new national payment system and the installation of CORE banking solutions by all banks.
It was developed specifically for central banks and allows the integration of currency management, securities, payments & settlement and the general ledger, which should improve the efficiency of the bank’s operations.
The launch has been delayed since July 2013, due to technical difficulties in analysing the old system and the complexity of the project.
The system has been launched at test level since September 24 and the plan was for it to run alongside the old system for a couple of weeks before the full launch.