IT services provider Wipro Arabia today said its enterprise customer Al Rajhi Bank has gone live with Oracle FAHGL Program.
The Wipro subsidiary ensured the implementation of Financial Accounting Hub (FAH) at the bank to move from the legacy system to Oracle FAHGL by integrating banking systems through FAH, building a single repository for financial data and developing an effective reconciliation and errors handling mechanism.
Al Rajhi Bank has ensured operational efficiency bank especially in the Treasury, Risk and Card business operations.
In addition, the bank has benefitted from reduction in the reconciliation time from three-four days to fifteen minutes. Skilled banking experts can now spend more time on analytical tasks. Quality and timely management reporting and compliance of IFRS / IAS accounting principles was the other top benefits.
“FAH engine is most important to ARB for its digital transformation journey, enabling new types of innovation and creativity, which commenced with replacing the legacy MCGL by a modern GL, integrating all banking operations systems,” said Waleed Al-Mogbel, chief operating officer, Al Rajhi Bank.