Accounting system
Central Bank of Libya strategy aims to deploy a centralized environment for information technology, Flex Cube Comprehensive Banking was selected to be activated as it’s an integrated banking system which depends primarily on the Application Service Provider (ASP) in which the system operates, that covers both retail and corporate banking and electronic banking (@ Flex Cube).
The most important features of this system include the support of multiple branches (the possibility to carryout financial transactions through any branch without reference to the branch in which customer’s account are located), support of accounts in different currencies, support of multiple means of communication,multi channel payment, centralized customer and account database where banks will be able to use this system to provide distinguished services to customers including:
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Produce units of collected financial accounts of customers in all branches of the bank.
- The possibility of the implementation of automatic financial transfers between all customer accounts in the branches of the bank to maximize investment opportunities for customers.
- Provide the most important customers of companies and institutions with electronic files including the daily center and daily movement.
- Enable banks to respond quickly to market demands and customers for the sake of quick production and marketing, it also supports the provision of banking services 24 hours a day and facilitate the handling of accounts through any branch of the bank, providing electronic payment of service bills, notifying by (SMS) with the support of banking services through the internet ( Internet Banking) in the coming phase.
- Communication support with the basic components of the national payment system (Electronic clearing system, distributor of self-drawling and Point–Of–Sale machines, online settlement system, Automated instrumentation system) and support for direct communication with swift system.
- Enable Libyan Banks to implement policies and standards related to risk management, credit control and combating money laundering more effectively.
Automated processing system
Benefits of implementing this system:
- Reduce costs and time using advanced electronic services.
- Reduce risk in business activities and payments.
- Facilitating the means of granting and managing loans and project allocations.
- Accelerate the disbursement of pensions, grants, allowances and loans.
- Facilitate the preparation of budgets for national sectors.
- Enable the Central Bank to monitor services and accounts.
- Enable individuals, companies and public entities to automatically charge service fees.
System of self-withdrawal machines / POS management cards
Benefits of implementing this system:
- Reduce costs and time using advanced electronic services.
- Reduce risk in business activities and payments.
- Facilitating the means of granting and managing loans and project allocations.
- Accelerate the disbursement of pensions, grants, allowances and loans.
- Facilitate the preparation of budgets for national sectors.
- Enable the Central Bank to monitor services and accounts.
- Enable individuals, companies and public entities to automatically charge service fees.
Electronic Clearing System
Benefits of implementing this system:
- Reduce costs and time using advanced electronic services.
- Reduce risk in business activities and payments.
- Facilitating the means of granting and managing loans and project allocations.
- Accelerate the disbursement of pensions, grants, allowances and loans.
- Facilitate the preparation of budgets for national sectors.
- Enable the Central Bank to monitor services and accounts.
- Enable individuals, companies and public entities to automatically charge service fees.
Instant Gross Settlement system
Benefits of implementing this system:
- Reduce costs and time using advanced electronic services.
- Reduce risk in business activities and payments.
- Facilitating the means of granting and managing loans and project allocations.
- Accelerate the disbursement of pensions, grants, allowances and loans.
- Facilitate the preparation of budgets for national sectors.
- Enable the Central Bank to monitor services and accounts.
- Enable individuals, companies and public entities to automatically charge service fees.