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Karachi: UAE’s premier commercial bank Investment Bank has selected Temenos (SIX: TEMN) to partner with NdcTech to migrate its digital and core banking operations to the cloud.
Invest Bank will adopt an end-to-end retail and wholesale banking solution on Temenos Banking Cloud, becoming one of the first banks in the UAE to adopt a full SaaS model for its digital and core banking platform.
Infinity and Transact’s front-to-back functionality delivered as SaaS on Temenos’ composable banking open platform will enable Invest Bank to modernize legacy platforms, bring new products and services to market faster and deliver more innovative revolutionary customer experience.
Planned enhancements include instant onboarding and initiation, and automated approvals based on AI rules. The bank will also use the Temenos platform to improve operational efficiency by increasing automation and digitizing workflows.
Invest Bank, established in 1975, is a publicly held company that provides corporate and retail banking with a wide range of financial products and services.
NdcTech’s expertise in Temenos modern cloud platform, UAE regulatory and market practice accelerators, microservices and open API capabilities will help the investment bank in its digital transformation. The cloud will provide Invest Bank with the elasticity to meet growing client demand, especially Gen-Z and millennials.
Invest Bank intends to leverage Temenos’ event-driven open API architecture and extensibility framework to go beyond banking to create a lifestyle services platform.
Ammara Masood, CEO and President of NdcTech, said: “Our project accelerators, such as the Country layer, and the expertise of Temenos Transact and Infinity on the cloud make us the right partner for this transformational engagement. The Temenos SaaS solution on the cloud will Enables banks to enhance their banking services by providing highly connected and personalized interactions to their existing and potential customers, while driving long-term growth. We are proud to be a Temenos implementation partner for the pioneering banks in the region years to further expand our footprint.
Copyright Business Recorder, 2022
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