Mediterranean Bank has chosen Finastra’s core banking solution, Essence, to modernise its banking operations and introduce digital services in Libya.
The implementation is expected to enhance operational efficiencies and allow the bank to bring new products to market at a faster pace.
The solution will be tailored to cover both conventional and Islamic banking requirements, aiming to support the bank’s objective of streamlining key processes and delivering customer-focused services.
According to Finastra, the deployment will provide Mediterranean Bank with the flexibility to respond quickly to shifting market demands while maintaining robust support for its retail and corporate customers.
The project is being supported by EVO Digital Solutions, a Libyan fintech firm collaborating with Finastra.
EVO Digital Solutions is contributing technical and operational services under Finastra’s oversight, leveraging its local knowledge to ensure a smooth transition for Mediterranean Bank as it migrates to the new platform.
Mediterranean Bank chairman Emad Alaakili said: “We are currently on a digital transformation journey to ensure we continue to deliver the best services to our customers through cutting-edge technology.
“By implementing Finastra’s core banking solution, we are transforming our operations to drive greater efficiencies and provide our customers with the personalised 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.”
Essence is a cloud-first solution featuring a microservices-based architecture. The system supports a range of functionalities including payments processing, teller services, signature verification, and core operational management.
Designed to offer scalability, the modular platform allows financial institutions to innovate and expand services in line with business requirements.
Finastra universal banking executive vice president Siobhan Byron said: “We are pleased to help Mediterranean Bank achieve its objectives around customer-centricity and increasing its market penetration in Libya.
“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.”
The deployment in Libya adds to Finastra’s recent global partnerships. Last week, the company announced a collaboration with Total Information Management (TIM), a provider of IT infrastructure and managed services in the Philippines.
The initiative focuses on improving treasury operations through Finastra’s Opics core treasury system, supported by a cloud-native architecture. The agreement is positioned to help banks reduce total cost of ownership and simplify IT infrastructure while offering comprehensive outsourcing services to enhance operational resilience.
