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."
Finastra.com
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
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