Bank ABC signs accords with Temenos, NdcTech to change its core banking systems

KARACHI: 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.

Copyright Business Recorder, 2023