Temenos (SIX: TEMN), the market leading provider of mission critical software to the financial services industry, today announces that Cairo Amman Bank, a full service bank with 106 branches in Jordan and Palestine, has gone live with T24, Temenos' award-winning core banking system.
The deployment of T24 replaces the bank's legacy core banking system and consolidates multiple banking modules. Through centralising its operations, Cairo Amman Bank expects to see immediate improvements in operational efficiency including automation of Real Time Gross Settlement payments, freeing up a team of people to support additional growth in the business and laying the infrastructure to support sustained growth in income and profitability.
June 2012 saw Cairo Amman Bank's Abu Nseir branch go-live as a pilot branch, followed by Treasury department operations in October 2012. The Zara Mall branch underwent the implementation of a model branch in March 2013 and the remaining 84 branches in Jordan and 21 in Palestine are scheduled to go live by the end of 2013. As part of the move to T24, the bank is also installing a Temenos' anti-money laundering (AML) screening solution.
Cairo Amman Bank selected T24 based upon Temenos' deep understanding of the local banking market and its proven track record of implementation of modern technological IT banking modules and support systems.
Kamal Al-Bakri, General Manager, Cairo Amman Bank says: "Temenos has delivered Cairo Amman Bank a modern, best-in-class core system, pivotal to the future success of the bank. We have invested in T24 to centralise and unify our core platform, eliminating complexity and lowering total cost of ownership. With T24 we now have an open and modern platform that integrates and interfaces with any external system and has the flexibility and scalability to grow with us. We found in Temenos a like-minded, innovative partner, harnessing technology to provide a truly differentiating service."
David Arnott, CEO, Temenos comments: "Cairo Amman Bank is known for its progressive approach to innovation and for its excellent customer service - it was, for instance, the first bank in Jordan to pioneer iris recognition for identity verification. Transforming its core banking system will position the bank for future growth and system enhancements to ensure it is always at the forefront of innovation. We are delighted that T24 is central to this innovation."