Bank ABC is embarking on a significant transformation project to replace its legacy core banking systems with a single instance of the Temenos platform, which will be managed by NdcTech. This move not only consolidates various back-end systems but also enables the bank to leverage cloud-based operations for enhanced efficiency and customer service.
Key Components of the Transformation
The initial phase of this project involves Bank ABC adopting Temenos’ retail core banking system, which will replace existing systems used by Bahrain’s digital mobile-only offering. This new system serves as a robust foundation for future greenfield projects and supports agile development through cloud-native solutions and an API-first approach.
Benefits of the Transformation
By implementing Temenos’ comprehensive suite of banking functionalities, Bank ABC aims to streamline its operations across retail and wholesale banking. This will enable the bank to achieve greater scalability and cost reduction while enhancing customer experiences through improved services.
NdcTech will play a crucial role in this transformation by providing end-to-end managed cloud services, leveraging its expertise and experience to support Bank ABC’s digital journey. As banks increasingly adopt cloud solutions to stay agile and competitive, NdcTech’s managed service offerings are well positioned to deliver tangible benefits.
Temenos’ Offerings
Temenos provides a range of API-driven banking capabilities across various segments including retail, SME, corporate, and wealth management. These tools allow banks and BaaS providers to design and deliver custom financial products efficiently. Additionally, Temenos recently updated its Banking-as-a-Service (BaaS) platform to enhance these offerings.
Previous Partnerships
Temenos has established successful partnerships with several banks and fintech firms. For instance, Alpian launched core banking and payments services on Temenos Banking Cloud in December 2022. This platform is hosted on Microsoft Azure and supports daily banking, private banking, and customised investing.
Next Bank went live on Temenos’ main banking platform in January 2023. Utilising the open platform provided by Temenos, Next Bank offers a range of services including deposits, cards, loans, and a unique rewards program accessible through a mobile app. The core banking solution is built on microservices and APIs, facilitating rapid development and business growth.
Tintra recently partnered with Temenos to create a new bank for emerging market customers. Leveraging Temenos’ core banking platform, payments technology, and Financial Crime Mitigation tools, Tintra aims to promote financial inclusion in trade and finance across multiple continents using advanced AI and Web 3.0 technologies.
