Temenos (SIX: TEMN), the market-leading provider of mission-critical solutions to the financial services industry, today announces that it has signed a deal with The National Bank (TNB) in the State of Palestine to provide it with T24, Temenos' core banking system, to replace its existing platform.
TNB has expanded its operations from a microfinance bank to a universal bank, providing a broad range of financial solutions to corporate and retail sectors, including investment banking and microfinance lending. As a result of this major transformation and the ensuing growth, it became necessary for TNB to upgrade its core banking system to meet the development of its operations and support its ambitious plan. The implementation of T24 will also allow TNB to achieve its strategy of providing its depositors, borrowers and investors with a consistent, modern and superior financial service, from a unique and technologically-advanced platform.
TNB has been the fastest growing bank in Palestine since 2011 and most recently won the fastest growing bank in Palestine award in 2014 by CPI Financial/Banker Middle East. With over 12,000 shareholders, it has the largest shareholder base in the Palestinian banking sector, and a board of directors composed of the largest and most reputable institutions in Palestine. In addition to its growing network, TNB also serves its clients through digital channels, such as e-banking and a well-positioned network of ATMs. TNB has emerged as the national bank of choice to Palestinians seeking a sound, modern and superior financial services provider.
Jean Paul Mergeai, Head of Middle East, Temenos, said: "We are delighted to have been chosen by TNB to replace its core banking system. The implementation of T24 will facilitate TNB's operations, allowing it to serve its clients more efficiently, enhance its competitive position, and provide more technological solutions to the Palestinian banking industry. Temenos' technologically advanced banking solutions, as well as its long track record in micro-financing cater to the needs of the country's very young demographic, offering the necessary innovation to attract the majority of the population that are currently unbanked."
Ahmad Alhaj Hasan, General Manager, TNB also commented: "We are committed to competing in the Palestinian banking industry by bringing change and innovation through technology, and the T24 core banking system enables us to achieve our objectives. This system will also support our ambitious expansion plan in Palestine and help us provide long-term value to the community we serve. In the selection process, we examined several vendors and systems. The number one priority for us was sustainability, and that's what we found in T24. Temenos has an excellent global reputation as a banking software provider, and we are confident that T24 will provide a solid platform to help us manage our growth and serve our clients more efficiently."