Central Bank of Armenia in tech overhaul

Central Bank of Armenia in tech overhaul

India-based software vendor Intellect Design Arena is to provide its Intellect Quantum Central Banking System (QCBS) to Central Bank of Armenia.

The vendor says its solution will help the bank “to streamline its business processes across multiple departments and external entities”. Also, “automation of processes will remove all unnecessary manual intervention in transaction processing”.

According to Intellect, its QCBS platform “deploys an array of technology frameworks including Extreme Account Posting (XAP), Run Time Re Use (RTRU), and Look Ahead Processing (LAP) technologies”.

Intellect will also supply its currency lifecycle management and treasury management solutions to Central Bank of Armenia.

Intellect’s local partner and system integrator, Intracom Armenia, will assist with the project.

Vakhtang Abrahamyan, the bank’s deputy governor, hopes QCBS will provide “a robust and strategic backbone to support the renewal of banking systems in Armenia and across the region”. This, he adds, will facilitate new initiatives, such as regional payment systems.

Intellect’s software is used by a number of central banks, including the Reserve Bank of India, Central Bank of Lesotho, Central Bank of Seychelles, National Bank of Ethiopia and Sweden’s Sveriges Riksbank.

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