Mizrahi-Tefahot has chosen Temenos T24 Transact from Temenos (SIX: TEMN), the banking software company, to replace its capital market systems.
Temenos is the leader in banking software with more than 3,000 banks in over 150 countries relying on Temenos for their technology needs.
Temenos T24 Transact will replace the core system currently used by the bank for its activity in Israeli and foreign securities and will interface with trading systems, the bank’s core systems, direct channels, branches and all entities with which the bank operates.
The new system will help streamline securities operations and upgrade the level of control over activity in this area, which will enable the bank to provide timely and reliable information in real time to its customers and to the bank's various units.
Mizrahi-Tefahot CEO Eldad Fresher said that one of the central issues that will be on the agenda of the Israeli banks in the coming years will be the need to replace the old-fashioned core systems in order to prepare optimally for the many challenges ahead.
"Most Israeli banks are still based on core banking systems installed decades ago. Replacing Mizrahi Tefahot's core system for capital markets will in fact be the first step of one of the largest banks in the sector, and it is reasonable to assume that additional moves will follow," said Eldad Fresher.
Alexa Guenoun, Chief Client Officer, Temenos, said: “We are delighted to have been chosen by Mizrahi-Tefahot, after a rigorous competitive selection process, to help fulfil its ambitions for future expansion, growth and product innovation. Temenos T24 Transact, our next generation core banking product, will help Mizrahi-Tefahot meet the challenge of increasing customer demands in the competitive Israeli banking landscape. Israel is a key market of growth for Temenos and we are fully committed to serving it as banks accelerate their plans for innovation and future-proofing. We look forward to supporting Mizrahi-Tefahot throughout this exciting journey.”