Latest UK News, Insights & Analysis

63% of Financial Institutions expect an increase in data costs in...

May 16, 2024

In a report published March 2024, Alveo polled 200 financial institutions about their current usage of data and AI. The respondents were split over...

Accounting

Tide expands to Germany, unveils business financial platform for SMEs

May 14, 2024

Tide, a leader in the UK business financial platform sector, has launched a free current account in Germany aimed at small businesses.

B2B Payments

OpenPayd joins forces with Wirex to enhance payment solutions across the...

May 14, 2024

OpenPayd, a leader in embedded finance and Banking-as-a-Service (BaaS), collaborates with Wirex, a distinguished Web3 money app.

Industry Research

European InsurTech seed funding on track to bounce back 32% in...

May 11, 2024

Key European InsurTech seed deal investment stats in Q1 2024 • European InsurTech seed deals reached 13 deals in Q1 which puts deal activity on...

FinTech News

Tuum and TransactionLink unite to revolutionise FinTech onboarding

May 10, 2024

Tuum, a leader in next-generation core banking services, has teamed up with TransactionLink, which helps automate and orchestrate KYB/KYC processes.

Corporate Leaders

How has Consumer Duty impacted wealth management so far?

May 2, 2024

Consumer Duty has now been live in the UK for several months. Wealth management firms spent many resources preparing themselves to be ready for...

B2B Payments

Topps Tiles partners with GoCardless to enhance Trade Pay service

May 1, 2024

Topps Tiles, the UK’s leading tile specialist, has formed a strategic partnership with GoCardless, a prominent bank payments company, to enhance its Trade Pay service. This collaboration marks a significant step in Topps Tiles' efforts to deepen its engagement with the trade market.

Industry Research

European ESG FinTech deal activity jumps 16% in Q1 2024

April 26, 2024

Key European ESG FinTech investment stats in Q1 2024: • European ESG FinTech deal activity reached 14 transactions in Q1 2024, a 16% increase from...

Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “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.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, 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.”

B2B Payments

Flutterwave teams up with Acquired.com to streamline outward remittances in EU...

April 25, 2024

Flutterwave, Africa’s leading payments technology company, and Acquired.com, a specialist in payment processing, have entered into a strategic partnership.