Turkish lender VakifBank has awarded a pricing and billing technology solution deployment contract to SunTec, a global provider of relationship-based pricing and enterprise billing solutions.
Financial terms of the contract have not been disclosed by the companies.
SunTec’s technology will allow the bank to deploy ‘a dynamic pricing system’ with an aim to support the bank’s modern transformation core program.
Being implemented by SunTec and its partner Segmentist, the new technology will provide the flexibility in pricing operations across multiple product lines including current & deposit accounts, loans and investments.
Further the technology upgrade will reduce the time taken in launching new products and services to its retail and corporate customers, claims the technology provider.
SunTec Business Solutions president and CEO Nanda Kumar said, "The solution will enhance the business agility for the bank in line with its recent core banking transition."
Founded on 11 January 1954, VakifBank manages 2640 ATMs and 100.183 units of POS that constitute its alternative distribution channels, as well as 741 branches.