Bank ABC has signed agreements with Temenos and NdcTech to replace its core banking systems for its retail, corporate and wholesale businesses and power its subsidiary, ila Bank with Temenos’ core banking platform on the cloud.

With this transformation project, to be implemented by NdcTech, Bank ABC will replace its legacy core banking systems for its network of operations serving customers in 25 markets from 15 countries worldwide with a single instance of the Temenos platform.

NdcTech will also be providing end-to-end managed services to enable Bank ABC to run its operations seamlessly on the cloud.

Consolidating multiple back-end systems on the Temenos platform in the cloud will enable Bank ABC to drive scalable efficiency, with a single dashboard and complete 360- degree customer view across business lines and geographies.

The first phase of the project is the implementation of Temenos retail core banking solution and origination on Infinity for ila Bank.

This will replace current systems for the digital mobile-only offering in Bahrain and provide the agile core for planned greenfield expansion.

Subsequently, Bank ABC will leverage Temenos’ cloud-native solutions and its open and API-first architecture for easy extensibility and open banking integration to enhance the experience and the services delivered to its customers.

The project will see the gradual transformation of the group-wide core banking infrastructure, enabling Bank ABC to benefit from Temenos’ broad set of banking functionality and lower operational cost across its retail and wholesale banking operations.

During the signing ceremony, Sael Al Waary, acting group chief executive at Bank ABC, said: “Today, marks a momentous milestone in our journey to build our bank of the future. Consolidating our banking systems on a single platform will give us a robust foundation to accelerate growth and create significant value for our stakeholders. Temenos offers an ideal Cloud-native solution with the breadth of banking functionality needed to support all spectrums of our wholesale and retail businesses.

I am confident that this next-generation core banking system will drive further operational efficiencies for the group, enabling us to become even more responsive and adaptive to our clients’ ever-evolving needs.”

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).