caatoosee is responsible for deploying the specialist banking software required to run the system, as well as the installation of networks and the associated hardware. The cutting-edge system is to be implemented in two phases. Phase 1 has already been completed to a large extent. It includes the development of a Local Area Network (LAN) as well as the installation of hardware to interconnect the CBS headquarters and three branches in Damascus and Aleppo. As part of phase 2, which will commence in June 2003, the Local Area Network will be extended to a so-called Wide Area Network (WAN), linking a further 60 branches located throughout Syria. caatoosee is the lead contractor, working in close cooperation with Misys Dubai Dependance, an enterprise specializing in supplying localized banking software tailored to the Arabic-speaking world in the form of its "Misys International Banking Systems" (Misys-IBS). All customization work to meet the individual requirements of the CBS will be carried out by caatoosee. The company has also established a dedicated office in Damascus to supervise this project. As a result, banking and IT specialists are available to provide 24/7 customer support.

The automated banking system developed for the CBS will allow the bank to compete with foreign players within the financial arena. The Syrian government is planning to open up the financial services sector to foreign companies. Therefore, the CBS project has become of major importance to the entire Syrian financial market.

Supported by centralized digital data management, the CBS will now be able to establish a highly effective system of controlling, ideally suited for decision-making processes related to investments and loans. It will also benefit from realtime data exchange between its branches and head office. Automated processes are also able to accelerate and simplify information and transaction procedures when it comes to small-scale operations. Indeed, the potential for cost reduction is enormous. At the moment, for instance, the processing of a simple money transfer takes around 45 minutes because five to six manual steps are required. In future, processing of these transactions will be achieved with the click of a button. It's the dawn of a new age. And you can bank on that!