Al Rajhi Bank, one of the Islamic banks, and Wipro Arabia Ltd, a subsidiary of Wipro Ltd, have 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.
Thomas George, General Manager & 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”.
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.
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