RIYADH, Saudi Arabia,
December 15, 2014 /PRNewswire/ --
Al Rajhi Bank, one of the largest Islamic banks in the world and
Wipro Arabia Ltd., a subsidiary of Wipro Ltd., (NYSE:WIT), a
leading global information technology, consulting and business
process services company, today announced the successful go live of
Oracle FAHGL Program. This two year program has been a
transformational journey for Al Rajhi Bank as it has moved from the
legacy system to Oracle FAHGL. Wipro ensured a successful
implementation of Financial Accounting Hub (FAH) at the bank, by
integrating all banking systems through FAH, building a single
repository for all financial data and developing an effective
reconciliation and errors handling mechanism.
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The shift to Oracle FAHGL has brought in operational efficiency
at the bank especially in the Treasury, Risk and Card business
operations. The reconciliation time has reduced, from three-four
days to fifteen minutes and helped free up skilled banking experts
for more analytical tasks. Implementation has also facilitated
quality and timely management reporting and compliance of IFRS /
IAS accounting principles.
Waleed
Al-Mogbel, Chief Operating
Officer, Al Rajhi Bank said, "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 to build a single repository for all needed
financial data, and develop an effective reconciliation, errors
handling mechanism required for the Financial Reporting.
"This is a remarkable milestone as it is one of the largest
implementations in which Oracle FAHGL has been integrated with
banking operating systems."
Thomas George, General Manager
and Head, Wipro Arabia Ltd., said, "We are delighted to partner
with Al Rajhi Bank. This project has been one of the most complex
and largest Oracle FAH implementations executed by Wipro,
integrating nine banking business applications having around forty
eight sub-systems with Oracle GL. The successful implementation
clearly demonstrates the maturity of Wipro Oracle practice in
handling complex projects that have fixed timelines and costs."
He further added, "Our mission is to support the growth of our
clients in their overall business results. We will continue to
provide Al Rajhi Bank our support and commitment in stabilizing
system continuity and improving the process and performance."
About Al Rajhi Bank
Al Rajhi Bank is one of the largest Islamic banks in the world
with total assets of SR 288 billion (US$
76.8 bn), a paid up capital of US$4.3
billion and an employee base of over 8,400 associates.
Deeply rooted in Islamic banking principles, the Sharia compliant
banking group is instrumental in bridging the gap between modern
financial demands and intrinsic values, whilst spearheading
numerous industry standards and development.
With an established base in Riyadh,
Saudi Arabia, Al Rajhi Bank has a vast network of over 500
branches, over 120 dedicated ladies branches, more than 4,000
ATM's, 33,000 POS terminals installed with merchants and the
largest customer base of any bank in the Kingdom, in addition to
130 remittance centers across the kingdom.
For more information, visit http://www.alrajhibank.com.sa
About Wipro Ltd.
Wipro Ltd. (NYSE:WIT) is a leading Information Technology,
Consulting and Business Process Services company that delivers
solutions to enable its clients do business better. Wipro delivers
winning business outcomes through its deep industry experience and
a 360 degree view of "Business through Technology", helping clients
create successful and adaptive businesses. A company recognized
globally for its comprehensive portfolio of services, a
practitioner's approach to delivering innovation, and an
organization wide commitment to sustainability, Wipro has a
workforce of over 150,000, serving clients in 175+ cities across 6
continents.
For more information, please visit http://www.wipro.com
Wipro Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth
prospects are forward-looking statements, which involve a number of
risks, and uncertainties that could cause actual results to differ
materially from those in such forward-looking statements. The risks
and uncertainties relating to these statements include, but are not
limited to, risks and uncertainties regarding fluctuations in our
earnings, revenue and profits, our ability to generate and manage
growth, intense competition in IT services, our ability to maintain
our cost advantage, wage increases in India, our ability to attract and retain
highly skilled professionals, time and cost overruns on
fixed-price, fixed-time frame contracts, client concentration,
restrictions on immigration, our ability to manage our
international operations, reduced demand for technology in our key
focus areas, disruptions in telecommunication networks, our ability
to successfully complete and integrate potential acquisitions,
liability for damages on our service contracts, the success of the
companies in which we make strategic investments, withdrawal of
fiscal governmental incentives, political instability, war, legal
restrictions on raising capital or acquiring companies outside
India, unauthorized use of our
intellectual property, and general economic conditions affecting
our business and industry. Additional risks that could affect our
future operating results are more fully described in our filings
with the United States Securities and Exchange Commission. These
filings are available at http://www.sec.gov . We may, from time to
time, make additional written and oral forward-looking statements,
including statements contained in the company's filings with the
Securities and Exchange Commission and our reports to shareholders.
We do not undertake to update any forward-looking statement that
may be made from time to time by us or on our behalf.
Wipro media Contact:
Purnima Burman
+91-80-39916260
purnima.burman@wipro.com
SOURCE Wipro Limited