National Bank of Iraq (NBI), a significant component of the Capital Bank Group, has partnered with Temenos, a Swiss-based software company that specializes in banking and finance software.
The strategic partnership between NBI and Temenos was initiated to modernize NBI’s financial services by transitioning from outdated legacy systems to a unified core banking and payments platform. This integration aims to streamline operations, accelerate product development, and enhance customer service capabilities across the Capital Bank Group.
Temenos is renowned for its robust banking software solutions that enable banks to efficiently manage operations and customer relations. Their products are designed to be adaptable and scalable, accommodating the dynamic needs of global financial institutions.
The successful implementation of the Temenos core banking and payments system at NBI was achieved in less than a year. This rapid transformation was facilitated by Temenos’ pre-configured capabilities and APIs, which minimized the need for extensive customizations and ensured a seamless transition. This collaboration marks NBI as the first in the Capital Bank Group to adopt Temenos Payments, enhancing its transaction processing capabilities significantly.
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 for 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.”
Keep up with all the latest FinTech news here.
Copyright © 2024 FinTech Global
