Bank of Punjab automates Islamic treasury; implements new RTGS system
Pakistan-based Bank of Punjab (BOP) has extended its partnership with local software vendor Autosoft Dynamics. Autosoft will implement its new real-time gross settlement (RTGS) system, AutoRTGS, at the bank and will also extend the coverage of the Adams treasury system to support Islamic banking.
BOP is already a user of Adams for conventional banking operations. It implemented Adams in 2010. The new project will automate the bank’s Shari’ah-compliant dealing, money market and securities trading operations.
BOP providers universal banking products services through its network of 344 branches, of which 37 specialise in Islamic banking offerings. Its HQ is in Lahore.
Autosoft and its systems
Autosoft focuses on the banking and financial services sector – both conventional and Islamic – with the majority of its customers based in Pakistan. It also has a number of sites in the Middle East and Africa, particularly in South Sudan.
Overall, it has 21 customers.
It employs 130 people.
Its flagship offering is the Autobanker core banking system. Its users include Askari Bank, Al Baraka Bank (Pakistan), Sindh Bank and First Women Bank.
The vendor also offers the aforementioned Adams treasury management system, and the AutoRTGS system.
Autosoft says AutoRTGS “has been designed in line with the State Bank of Pakistan’s requirement for all banks to enable the RTGS STP [straight-through processing] system by 31 December 2016”.
The vendor adds that the system is already up and running at “one of Autosoft’s international customers”.