Financial Management Solutions
Mediterranean Bank Selects Finastra's Core Banking Solution To Transform Customer Experiences And Drive Sustainable Growth In Libya
Share
With Finastra Essence, the bank will fast-track its digital transformation strategy and offer a comprehensive range of innovative retail and corporate banking services
LONDON, April 15, 2025 /PRNewswire/ -- Finastra, a global provider of financial software applications, today announced that Mediterranean Bank, a provider of retail and corporate banking services in Libya, has selected its core banking solution, Finastra Essence, to deliver advanced digital banking services to its customers. The next-generation solution, which comprehensively covers conventional and Islamic banking requirements, will enable the bank to streamline core processes while offering personalized services and robust customer support. Once the implementation is complete, Mediterranean Bank will also benefit from increased agility to adapt quickly to new demands, drive ongoing innovation and rapidly bring new products to market.
EVO Digital Solutions Co., a local fintech company and partner of Finastra, is supporting the project by providing specialized services to Mediterranean Bank under Finastra's supervision, including hands-on technical and operational support. With Evo's local expertise and Finastra's global delivery framework, the collaboration aims to provide Mediterranean Bank with a smooth transition to Essence.
"We are currently on a digital transformation journey to ensure we continue to deliver the best services to our customers through cutting-edge technology," said Emad Alaakili, Chairman at Mediterranean Bank. "By implementing Finastra's core banking solution, we are transforming our operations to drive greater efficiencies and provide our customers with the personalized banking services they expect. By increasing the robustness of our offering, this move also aligns with our goal to drive sustainable growth by balancing both profitability with social responsibility, and economic development with financial stability."
Finastra Essence is a cloud-first, next-generation core banking solution that combines deep functionality and advanced technology to increase enterprise agility, reduce costs and improve operational efficiency. Powered by an open, microservices architecture, Essence's rich, broad and deep banking functionality enables institutions to rapidly deploy market-leading products and services. The solution will provide Mediterranean Bank with a comprehensive suite of services, including core operations, teller, payments and signature verification.
"We are pleased to help Mediterranean Bank achieve its objectives around customer-centricity and increasing its market penetration in Libya," said Siobhan Byron, EVP, Universal Banking at Finastra. "Essence's modular architecture and a microservices approach will enable the bank to seamlessly innovate and scale as it grows. Ultimately, we're empowering Mediterranean Bank to reimagine banking and keep pace with change, as it seeks to bring modern, digital financial services to customers."
About Finastra
Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world's top 50 banks. For more information, visit finastra.com
Logo: https://mma.prnewswire.com/media/1916021/5265678/FINASTRA_Logo.jpg
View original content to download multimedia:https://www.prnewswire.com/news-releases/mediterranean-bank-selects-finastras-core-banking-solution-to-transform-customer-experiences-and-drive-sustainable-growth-in-libya-302427594.html
SOURCE Finastra
Frequently Asked Questions
What is Finastra Essence?
Finastra Essence is a cloud-first, next-generation core banking solution designed to increase enterprise agility, reduce costs, and improve operational efficiency. It offers a comprehensive suite of services, including core operations, teller, payments, and signature verification.
How will this benefit Mediterranean Bank?
Essence will enable Mediterranean Bank to streamline core processes, offer personalized services, adapt quickly to new demands, and rapidly bring new products to market, ultimately improving customer experiences and driving sustainable growth.
Who is supporting the implementation?
EVO Digital Solutions Co., a local fintech company and Finastra partner, is providing specialized services, including technical and operational support, ensuring a smooth transition to Essence.
First published on Tue, Apr 15, 2025
Enjoyed what you read? Great news – there’s a lot more to explore!
Dive into our content repository of the latest tech news, a diverse range of articles spanning introductory guides, product reviews, trends and more, along with engaging interviews, up-to-date AI blogs and hilarious tech memes!
Also explore our collection of branded insights via informative white papers, enlightening case studies, in-depth reports, educational videos and exciting events and webinars from leading global brands.
Head to the TechDogs homepage to Know Your World of technology today!
Disclaimer - Reference to any specific product, software or entity does not constitute an endorsement or recommendation by TechDogs nor should any data or content published be relied upon. The views expressed by TechDogs' members and guests are their own and their appearance on our site does not imply an endorsement of them or any entity they represent. Views and opinions expressed by TechDogs' Authors are those of the Authors and do not necessarily reflect the view of TechDogs or any of its officials. While we aim to provide valuable and helpful information, some content on TechDogs' site may not have been thoroughly reviewed for every detail or aspect. We encourage users to verify any information independently where necessary.
Trending PR Newswire
Dreame Launches Ultimate Roboticmower At CES 2026: All-Terrain, Wire-Free, With Built-In Security
Infosys And AWS Collaborate To Accelerate Enterprise Adoption Of Generative AI
Infosys And Cognition Announce Strategic Collaboration To Accelerate The AI Value Journey For Global Enterprises
Medicus Healthcare Solutions Releases A Comprehensive Report On The United States Physician Shortage
Motorola Brings New Accessories To The Moto Things Franchise At CES 2026
Join Our Newsletter
Get weekly news, engaging articles, and career tips-all free!
By subscribing to our newsletter, you're cool with our terms and conditions and agree to our Privacy Policy.
Join The Discussion