Marking another
solid step towards building the ‘Bank of the future’, Bank ABC will consolidate,
its legacy systems across 15 countries on the Cloud-native Temenos platform,
with the support of NdcTech, to accelerate pace of innovation and growth.
Manama, Bahrain – 22 March, 2023 – Bank ABC, one of MENA’s leading international banks, 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, the MENA region’s fast growing digital mobile-only bank, with Temenos’
core banking platform on the Cloud.
With this transformation project, to be implemented by NdcTech (a
Systems Limited Company), Bank ABC will replace its legacy core banking systems
for its network of operations serving customers in twenty-five markets from fifteen
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. NdcTech will provide its
country model bank accelerators combined with a wealth of knowledge and
experience to drive value as part of Bank ABC's transformation journey. Banks
are increasingly realizing the benefits of the cloud to remain agile and meet
the demands of a constantly evolving industry, and NdcTech’s end-to-end Managed
Service on the cloud will fulfill that promise.
During the signing ceremony, Sael Al
Waary, Acting Group CEO, Bank ABC, commented: “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.”
Ismail Mokhtar, Group Chief Operating Officer, Bank ABC added: “Achieving operational
agility is crucial for the future success of Bank ABC. We are continuously
exploring leading-edge technologies to enable our ambitious expansion and
digital transformation aspirations. Temenos’ platform will enable us to efficiently
scale our services. In addition, hosting our core banking system on the Cloud
will significantly increase our levels of security and resilience. We look
forward to working with Temenos and NdcTech teams during the implementation
phase and reaping the benefits of this investment.”
William Moroney, Managing
Director – Middle East & Africa, Temenos, said: “We are delighted to have
been selected by Bank ABC to transform its core banking systems and power the MENA
region’s fast growing digital mobile-only ila Bank on a single platform in the Cloud.
Temenos gives customers freedom to implement on the public Cloud of their
choice and is the trusted platform for thousands of banks worldwide. Our proven
expertise taking banks live on the Cloud, including many in the Middle East region,
gave Bank ABC full confidence in Temenos to successfully deliver this complex
project with NdcTech.”
Ammara Masood, CEO and President, NdcTech, said: “We are pleased to be putting our combined strengths
to work, allowing Bank ABC to innovate faster using Cloud capabilities to grow
their business while meeting sustainability commitments. What sets NdcTech apart is our accelerators,
hands-on experience within global markets and how we keep the end-user
experience in mind while driving digital transformations. NdcTech services and
country model on the Cloud platform paves the way for banks to deliver
mission-driven products and services that delight their customers.”
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| From left to right: Mr. Ismail Mokhtar, Group COO, Bank ABC; Ms. Ammara Masood, CEO, NDC Tech; Mr. Sael Al Waary, Acting Group CEO, Bank ABC; Mr. Jean-Paul Mergeai, President – International Sales, Temenos |