Jordan International Bank Plc Helping More People Home Ownership

Finastra is building an open platform that accelerates collaboration and innovation in financial services, creating better experiences for people, businesses and communities. Backed by the largest and most comprehensive portfolio of financial services software, Finastra delivers this vitally important technology to financial institutions of all sizes around the world, including 90 of the world’s 100 largest banks. Recently, Jordan International Bank (JIB) partnered with Finastra to provide its clients with ultra-flexible, high-value mortgages. Sanjay Rajagopal, CIO, Jordan JIB, explains why it was important for the bank to partner with Finastra.

Enter a new market

Keen to diversify its product portfolio and provide more services to its clients, JIB set out to build a mortgage business from scratch. With decades of experience helping businesses and individuals invest in the UK, Jordan International Bank Plc has grown into one of the leading providers of trade and trade finance services for overseas investors. After delivering strong pre-tax profits from its business for eight consecutive years, the bank has sought to replicate that success by launching a new line of personal loan offerings.

Hichem Turki, Head of Private Banking, JIB, explained that: “Impressed with our level of service, many of our clients asked if we could also provide mortgages. As more and more clients contacted us with this request, we decided to expand our operations into the secured retail lending market, a move that would help us diversify our risk exposure, satisfy our clients and become the market leader. bank of choice for customers in the Middle East. in London.”

Serving high net worth individuals interested primarily in purchasing luxury UK properties, JIB wanted to ensure that the mortgage services it was about to launch would be flexible enough to provide highly personalized loans to its clientele. niche.

Lay the foundations

JIB chose Fusion Equation to support its new mortgage business. To market its new mortgage services, JIB worked with Finastra to deploy Fusion Equation, an end-to-end mortgage service platform that would allow the bank to transparently manage the loan life cycle, from direct debit to deadline.

“We have been using Finastra’s Fusion Equation as our core banking system for many years now,” said Sanjay Rajagopal, CIO, Jordan International Bank Plc. “During this period, we have seen how robust, reliable and adaptable Finastra solutions are. So it was easy for us to choose Fusion Equation as the foundation for our new mortgage services.

JIB also decided to implement a mortgage origination solution from BEP Systems, with which Finastra has a long-standing relationship.

“We have evaluated many providers of loan origination solutions and BEP Systems ranked first for ease of use, automation and their ability to integrate with Finastra solutions,” explained Rajagopal. “The fact that Finastra recommended BEP Systems based on a recent successful implementation at another bank gave us confidence that BEP was the right choice. “

BEP Systems provides the front-end loan origination solution that allows brokers to create, manage and track the progress of new loans. Fully integrated with Fusion Equation, new loans created in the BEP Systems solution are automatically transferred to the Finastra solution for simple and efficient downstream additional loan management.

Achieve rapid implementation

Work around the clock to get JIB’s new mortgage systems up and running in less than 12 weeks. JIB said due to the disruption caused by the global COVID-19 pandemic, its application to the FCA for a license to provide mortgage services has been delayed, leaving the bank less than 12 weeks to set up the systems and processes needed for his new business.

Adam Barrett, Business Transformation Manager, Jordan International Bank Plc, said: “The teams at Finastra and BEP Systems went the extra mile to ensure that we would be ready to launch our new mortgage offering within weeks. For example, BEP Systems deployed an out-of-the-box configuration of their solution, which significantly reduced the time required to deploy both Fusion Equation and BEP Systems’ loan origination solution.

Chris Little, Managing Director of BEP Systems, said: “We had such a tight deadline for the delivery of this project, and thanks to the close collaboration and commitment of the Finastra and JIB teams, we were able to meet the deadline. set by the regulatory body. “

To keep the deployment on track until the targeted go live date, Finastra, BEP Systems and JIB held weekly progress meetings with the aim of quickly identifying and resolving implementation issues.

Rajagopal added, “With the support and expert guidance of Finastra, we were able to quickly and easily integrate the hosted loan origination solution into our on-premise Fusion Equation central banking system. This meant that we could reap the benefits of automated and digitized processes from day one. Along with this, the solution’s automation and enhanced reporting capabilities have helped us automate all of the regulatory reporting requirements necessary to prove our readiness to regulators. “

Deepening customer relationships

Finastra helped JIB diversify its business by launching mortgage loan services backed by Fusion Equation. By developing new mortgage services with Finastra, JIB can now offer its clients a wider range of products while diversifying its risk exposure. In turn, this will help the bank to increase revenue and increase customer satisfaction.

“Fusion Equation provides us with all the capabilities we need to deliver sophisticated and personalized mortgages to our unique customer base,” explained

Turki. “While we are still in the early stages of launching our first mortgages, we anticipate that entering the secured retail lending market will help JIB meet the needs of existing clients and attract more clients. in order to increase the market position and profitability of the Bank. “

Rajagopal pointed out that: “Fusion Equation has very low maintenance and monitoring overheads, which means our lean technology team can then focus on

on innovation in the provision of technological services to the company that underpins the Bank’s business strategy.

In the coming months, JIB plans to roll out additional digital services to make it even easier for clients to access the Bank’s mortgage services.

Rajagopal said: “The future of banking is definitely digital. Through our strategic partnership with Finastra, we have access to the cutting-edge solutions and industry expertise we need to develop competitive banking services. We look forward to working with Finastra as we take the next step in our digital journey.

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