The National Bank of Iraq (NBI) has partnered with Temenos in order to support the former’s recent platform integration.
According to FinTech Finance, the partnership between NBI and Temenos was forged to transition NBI from outdated legacy systems to a unified core banking platform. This strategic move aims to streamline operations, accelerate product development, and improve the overall customer experience by leveraging advanced technological frameworks.
NBI provides a comprehensive range of banking services and is a significant player in the Iraqi financial sector, majority-owned by Capital Bank. The bank focuses on both individual and corporate banking solutions, aiming to enhance customer service and operational efficiency. Temenos, on the other hand, specializes in banking software systems, offering robust platforms for core banking, payments, and other financial services. Their solutions facilitate high-volume transactions and seamless integration across banking modules.
The integration of Temenos’ core banking and payments platform at NBI marks a pivotal development in the bank’s operational capabilities. Notably, NBI is the first within the Capital Bank Group to implement Temenos Payments, handling over 100,000 transactions within the first two weeks of going live, achieving a 99% straight-through processing rate. This technological upgrade underscores NBI’s commitment to advancing its digital transformation agenda.
This successful deployment is part of a series of transformative projects undertaken by Capital Bank with Temenos, contributing to a 50% increase in operational efficiency over three years. These enhancements have led to significant cost savings and improved customer satisfaction levels across the group.
“National Bank of Iraq Chief Operations Officer Izzidin Abusalameh said, “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.””
“Temenos Managing Director, Middle East & Africa, Lee Allcorn said, “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”
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