ADCB-Egypt, a subsidiary of Abu Dhabi Commercial Bank Group – the third largest bank in the UAE, has extended its collaboration with Temenos (SIX: TEMN) (www.Temenos.com) to offer the next-generation digital payments on Temenos open platform for composable banking.
The bank will compose payments solutions to adopt new global standards such as ISO20022 and SWIFT GPI and power new payment offerings, including instant and cross-border payments, for its retail and business customers. With Temenos, the bank will benefit from the agility and flexibility to process payments instantly from any channel, local or international, all in real-time.
ADCB Egypt will also compose digital banking solutions with the latest core banking capabilities to streamline and automate its treasury management lifecycle.
Ihab ElSewerky – Managing Director & CEO, ADCB-Egypt, said: “ADCB Egypt is always keen upon embracing the latest technologies and partnering with the best service providers. This new step of our existing collaboration with Temenos will empower the bank’s internal systems as the new instant payments solutions. The technological upgrades will always keep us ahead in offering our customers the best-in-class service quality and comply with regulatory directives. This is also in line with our digital transformation strategy and commitment to being at the forefront of innovation that differentiates our service, delights customers, and meets their growing needs.”
Jean-Paul Mergeai, President – EMEA-APAC, Temenos, said: “ADCB is leading the way in digital banking in Egypt. With Temenos, it has created a modern, customer-centric digital bank that can innovate fast and deliver outstanding customer experiences. Temenos is the clear market leader with a strong presence in Egypt. Our global expertise combined with local market knowledge will support ADCB as it continues to develop and grow its banking services in Egypt.”
With this new cooperation, ADCB-Egypt will tap into the growing customer demand for cross-border payments, offering instant and frictionless payments, from account to account, anywhere in the world. Temenos Payments on Temenos open platform will also enable the bank to automate its front, middle and back-office functions.
The bank has seen rapid take-up in its first year and was recognized as “the fastest growing digital bank” and awarded the Best Digital Transformation Program and Outstanding IT Transformation. Today, more than half of the bank’s customer transactions are digital.
Temenos Payments is a comprehensive platform for efficient payment execution and distribution – removing the need for a different system for different payment business types or payment rails. The platform will enable ADCB Egypt to continue to enhance the digital customer experience with new payment products, such as instant payments and request-to-pay, quickly and at a low cost. Temenos Payments is API-enabled and compliant with ISO20022 messaging standards and business flows.
Distributed by APO Group on behalf of Temenos.
Media Contacts:
Jessica Wolfe & Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
Email : press@temenos.com
Alistair Kellie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
Email: allnewgatetemenos@newgatecomms.com
About ADCB Egypt:
Launched late 2020, ADCB Egypt is part of ADCB Group, one of the UAE’s leading financial institutions.
ADCB Egypt serves the whole spectrum of customers offering a wide range of products and services for Consumer Banking, Wholesale Banking and Treasury & Investments.
With a host of award-winning digital solutions, ADCB Egypt offers innovative digital solutions, helping provide the highest levels of service and convenience to its customers and partners. ADCB Egypt has a nationwide network of branches and ATMs.
For more information, please visit www.ADCB.com.eg.
About Temenos:
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.Temenos.com.
Source: Apo-Opa
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