A top local bank has introduced a new software program that would speed up its accounting and reporting operations.

Al-Rajhi Bank, one of the largest Islamic banks in the world and Wipro Arabia Ltd., a subsidiary of Wipro Ltd., a leading global information technology, consulting and business process services company, announced the Oracle FAHGL program has now “gone live” in the capital recently.

“The shift to Oracle FAHGL has brought in operational efficiency at the bank especially in the treasury, risk and card business operations as the reconciliation time has been reduced, from three-four days to 15 minutes and helped free up skilled banking experts for more analytical tasks,” Wipro said in a press statement.

Moreover, the implementation has also facilitated “quality and timely management reporting and compliance” to international accounting principles. According to Wipro, this two-year program has been a “transformational journey for Al-Rajhi 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,” said Thomas George, general manager and the head of Wipro, on Tuesday.

In an interview, he told Arab News that he was “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 48 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,” George said. “Our mission is to support the growth of our clients in their overall business results.”

Waleed Al-Mogbel, chief operating officer of Al-Rajhi, said: “FAH engine is most important to the bank for its digital transformation journey, enabling new types of innovation and creativity.”

He said the system allows for a “single repository for all needed financial data and develops an effective reconciliation and error-handling mechanism required for financial reporting.”

Al-Rajhi Bank is one of the largest Islamic banks in the world with total assets of SR288 billion, paid up capital of SR16.1 billion and an employee base of over 8,400 associates. The bank operates on Islamic principles.

With a base in Riyadh, Al-Rajhi has a network of over 500 branches, over 120 women branches, more than 4,000 ATMs, 33,000 point-of-sale terminals installed with merchants and the largest customer base of any bank in the Kingdom, in addition to 130 remittance centers across the Kingdom.