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NBI upgrades to temenos for streamlined operations and faster innovation
The National Bank of Iraq (NBI) has partnered with Temenos, a leading provider of banking software, in a significant move to upgrade its core banking platform. This collaboration aims to streamline operations, accelerate product development, and deliver an enhanced customer experience.
Legacy systems to modern platform
NBI, a major player in the Iraqi financial sector, was previously reliant on outdated legacy systems. The partnership with Temenos facilitated a transition to a unified core banking platform. This strategic shift leverages advanced technology to improve efficiency, product development speed, and overall customer service.
Temenos offers robust platforms for core banking, payments, and other financial services. Their solutions are designed to handle high transaction volumes and integrate seamlessly across various banking functions. NBI’s integration of Temenos’ platform marks a turning point in its operational capabilities.
NBI became the first bank within the Capital Bank Group to adopt Temenos Payments. Notably, within the initial two weeks of operation, the system processed over 100,000 transactions with a 99% straight-through processing rate. This success underscores NBI’s commitment to digital transformation.
Collaboration breeds success
This deployment is part of a series of successful Temenos and Capital Bank projects. The collaboration has resulted in a 50% increase in operational efficiency for Capital Bank Group over the past three years, leading to cost savings and improved customer satisfaction.
Izzidin Abusalameh, NBI Chief Operations Officer: “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, Temenos Managing Director, Middle East & Africa: “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.”
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