Signs second Misys replacement in four months
GENEVA, Switzerland 13 August 2009 – Temenos (SWX: TEMN), the global provider of integrated core banking systems, today announced that Cairo Amman Bank, one of the largest banks in Jordan, has selected TEMENOS T24 (T24) to replace its legacy system and provide a robust platform from which to drive growth across the country. Cairo Amman offers a wide range of banking, commercial and investment services. With 170 branches and service centres servicing two million customer accounts today, the bank plans to increase the number of branches in the next five years and to expand in the region and overseas markets. The bank signed the deal with Temenos in June 2009, following the recent signing of Temenos’ first customer in the country.
GENEVA, Switzerland 13 August 2009 – Temenos (SWX: TEMN), the global provider of integrated core banking systems, today announced that Cairo Amman Bank, one of the largest banks in Jordan, has selected TEMENOS T24 (T24) to replace its legacy system and provide a robust platform from which to drive growth across the country. Cairo Amman offers a wide range of banking, commercial and investment services. With 170 branches and service centres servicing two million customer accounts today, the bank plans to increase the number of branches in the next five years and to expand in the region and overseas markets. The bank signed the deal with Temenos in June 2009, following the recent signing of Temenos’ first customer in the country.
For over a decade, the bank used several different systems to run its operations. This fragmented infrastructure prevented the bank from having a single view of its business and reliance on multiple systems slowed business critical processes. In order to deliver more efficient, modernised services and superior products to its customer base, Cairo Amman Bank required an advanced and flexible platform if it were to achieve its growth objectives and future plans.
After conducting an extensive evaluation process in which a number of leading suppliers were also considered, Cairo Amman opted for T24 to integrate and support its entire operations on a single platform. By replacing five systems with T24, the bank’s total cost of ownership will be reduced by around 50%.
The multi systems infrastructure made management reporting a difficult, time consuming process. Cairo Amman also opted to take TEMENOS Insight (Insight), a comprehensive business intelligence suite, fully integrated with T24, launched by Temenos in March this year. Insight will automate the production of management reports to reduce the risk of error and time taken to complete reports. This will give staff time to conduct value-add analysis and leverage rich information so trends across customer segments, regions and business areas can be rapidly identified and presented in daily KPI reports and interactive dashboards.
“As a leading bank in Jordan, our customers expect the best in products and services. We needed an end to end, 24x7, advanced and robust core banking system that would help us realise our product innovation plans and associated growth potential; T24 was the obvious choice. Furthermore the Insight product will transform the way we do business, enabling us to execute strategies based on up to date, accurate intelligence on customer trends, performance, profitability and risk. We will now be able to deliver the right products to customers at the time they need it most, effectively allocate resources and remain fully compliant with local and international regulations to deliver cutting edge performance in a competitive market.” commented Mr. Kamal Bakri, General Manager,Cairo Amman Bank.
“As our second Misys replacement in Jordan in less than four months, this further positions T24 as the standard upgrade path of choice for banks in the country, many of which are operating on the same system. We are excited to be working with Cairo Amman Bank to deliver a flexible yet secure architecture that will increase efficiencies and improve its ability to deliver market driven products and services, at a reduced rate of risk and cost. We are particularly pleased to see the adoption of Insight, which will deliver the BI capabilities the bank needs more cost effectively than a standalone BI system”, commented Andreas Andreades, CEO, Temenos.
The Temenos Professional Services team will work jointly with Cairo Amman to implement T24 on HP servers and a DB2 database.
About Temenos T24
T24 Model Bank is packaged core banking software which includes banking best practices based on Temenos’ implementations in over 600 financial institutions and 120 countries across the Retail, Corporate, Universal, Private Wealth, Islamic and Microfinance and Community banking sectors. Its highly automated approach delivers short implementations, guarantees lower cost of ownership with rapid and measurable ROI. T24 allows banks to replace a large number of disparate legacy systems, thereby streamlining their operations. Banks around the world use T24 to rapidly deliver innovative, market-driven products and services tailored to meet the changing needs of their customers. T24 enables banks to deliver growth, while managing risk and cost, and ensuring that they remain ahead of the competition with the most efficient and economical business model in the market.
T24 provides banks with unparalleled richness in functionality on an integrated, Service Oriented Architecture (SOA), with front- to-back office support and is fully enabled for standard Simple Object Access Protocol (SOAP) web services, and BPEL (Business Process Execution Language). Temenos’ total commitment to open standards enables its customers to benefit from the latest advances in technology, ensuring business agility, continuity, data integrity and reduced downtime, all resulting in a significant, immediate and ongoing ROI (Return On Investment).
About Cairo Amman Bank
Cairo Amman Bank (CAB) was established on January 14, 1960 as a Jordanian public shareholding company and began its banking services on July 1, 1960.
CAB offers a comprehensive yet diversified set of financial services that visualize our new corporate identity which is based on meeting the wide range of our clients' needs from various market segments, while maintaining the spirit of modernity.
CAB has been focusing on the new corporate identity. The 79 branches and 96 service centres at the Jordanian Post Offices are widespread across Jordan and Palestine, they are all interconnected through a strong network. The new branches introduce a new unique concept based on the welcoming open spirit which aims at providing all servicers and distinctive banking solutions in a modern and creative way and adopting an approach that is void of boundaries.
CAB enjoys a solid and improving financial base with a paid up capital as of June 30th 2009 was JD 88 million, with the total shareholders' equity reaching JD165,956,694.
CAB offers a wide range of banking, commercial, retail, and investment services that embody our vision of serving all strata of clients and making banking services easier to understand. Through the years, the bank conducted a number of projects that adds tremendous value to our community such as micro finance, personal & SME Loans. Moreover, we have adopted pioneering projects, the latest is the launch of IRIS recognition technology as a client identification technique. All CABs' strategies and plans are created and prepared with one goal in mind: empowering the Jordanian economy and improving the lives of citizens.
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SWX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 52 offices worldwide, Temenos serves over 700 customers in more than 120 countries. Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe. Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos annually invests around 20% in R&D, significantly more than its peers, into a single fully packaged upgradeable software release, which ensures all Temenos customers benefit from modern technology and support indefinitely. Temenos is top of the IBS Sales League Table 2008, winner of the Best Core Banking Product category in Banking Technology magazine’s Readers’ Choice Awards 2008 and is listed in the American Banker top 100 FinTech companies.
After conducting an extensive evaluation process in which a number of leading suppliers were also considered, Cairo Amman opted for T24 to integrate and support its entire operations on a single platform. By replacing five systems with T24, the bank’s total cost of ownership will be reduced by around 50%.
The multi systems infrastructure made management reporting a difficult, time consuming process. Cairo Amman also opted to take TEMENOS Insight (Insight), a comprehensive business intelligence suite, fully integrated with T24, launched by Temenos in March this year. Insight will automate the production of management reports to reduce the risk of error and time taken to complete reports. This will give staff time to conduct value-add analysis and leverage rich information so trends across customer segments, regions and business areas can be rapidly identified and presented in daily KPI reports and interactive dashboards.
“As a leading bank in Jordan, our customers expect the best in products and services. We needed an end to end, 24x7, advanced and robust core banking system that would help us realise our product innovation plans and associated growth potential; T24 was the obvious choice. Furthermore the Insight product will transform the way we do business, enabling us to execute strategies based on up to date, accurate intelligence on customer trends, performance, profitability and risk. We will now be able to deliver the right products to customers at the time they need it most, effectively allocate resources and remain fully compliant with local and international regulations to deliver cutting edge performance in a competitive market.” commented Mr. Kamal Bakri, General Manager,Cairo Amman Bank.
“As our second Misys replacement in Jordan in less than four months, this further positions T24 as the standard upgrade path of choice for banks in the country, many of which are operating on the same system. We are excited to be working with Cairo Amman Bank to deliver a flexible yet secure architecture that will increase efficiencies and improve its ability to deliver market driven products and services, at a reduced rate of risk and cost. We are particularly pleased to see the adoption of Insight, which will deliver the BI capabilities the bank needs more cost effectively than a standalone BI system”, commented Andreas Andreades, CEO, Temenos.
The Temenos Professional Services team will work jointly with Cairo Amman to implement T24 on HP servers and a DB2 database.
About Temenos T24
T24 Model Bank is packaged core banking software which includes banking best practices based on Temenos’ implementations in over 600 financial institutions and 120 countries across the Retail, Corporate, Universal, Private Wealth, Islamic and Microfinance and Community banking sectors. Its highly automated approach delivers short implementations, guarantees lower cost of ownership with rapid and measurable ROI. T24 allows banks to replace a large number of disparate legacy systems, thereby streamlining their operations. Banks around the world use T24 to rapidly deliver innovative, market-driven products and services tailored to meet the changing needs of their customers. T24 enables banks to deliver growth, while managing risk and cost, and ensuring that they remain ahead of the competition with the most efficient and economical business model in the market.
T24 provides banks with unparalleled richness in functionality on an integrated, Service Oriented Architecture (SOA), with front- to-back office support and is fully enabled for standard Simple Object Access Protocol (SOAP) web services, and BPEL (Business Process Execution Language). Temenos’ total commitment to open standards enables its customers to benefit from the latest advances in technology, ensuring business agility, continuity, data integrity and reduced downtime, all resulting in a significant, immediate and ongoing ROI (Return On Investment).
About Cairo Amman Bank
Cairo Amman Bank (CAB) was established on January 14, 1960 as a Jordanian public shareholding company and began its banking services on July 1, 1960.
CAB offers a comprehensive yet diversified set of financial services that visualize our new corporate identity which is based on meeting the wide range of our clients' needs from various market segments, while maintaining the spirit of modernity.
CAB has been focusing on the new corporate identity. The 79 branches and 96 service centres at the Jordanian Post Offices are widespread across Jordan and Palestine, they are all interconnected through a strong network. The new branches introduce a new unique concept based on the welcoming open spirit which aims at providing all servicers and distinctive banking solutions in a modern and creative way and adopting an approach that is void of boundaries.
CAB enjoys a solid and improving financial base with a paid up capital as of June 30th 2009 was JD 88 million, with the total shareholders' equity reaching JD165,956,694.
CAB offers a wide range of banking, commercial, retail, and investment services that embody our vision of serving all strata of clients and making banking services easier to understand. Through the years, the bank conducted a number of projects that adds tremendous value to our community such as micro finance, personal & SME Loans. Moreover, we have adopted pioneering projects, the latest is the launch of IRIS recognition technology as a client identification technique. All CABs' strategies and plans are created and prepared with one goal in mind: empowering the Jordanian economy and improving the lives of citizens.
About Temenos
Founded in 1993 and listed on the Swiss Stock Exchange (SWX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 52 offices worldwide, Temenos serves over 700 customers in more than 120 countries. Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe. Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos annually invests around 20% in R&D, significantly more than its peers, into a single fully packaged upgradeable software release, which ensures all Temenos customers benefit from modern technology and support indefinitely. Temenos is top of the IBS Sales League Table 2008, winner of the Best Core Banking Product category in Banking Technology magazine’s Readers’ Choice Awards 2008 and is listed in the American Banker top 100 FinTech companies.