The National Bank of Iraq (NBI) has teamed up with Temenos to bolster its recent platform integration efforts. As reported by FinTech Finance, this collaboration aims to transition NBI away from outdated legacy systems towards a unified core banking platform. The strategic move seeks to streamline operations, expedite product development, and enhance overall customer experiences through the utilization of advanced technological frameworks.
NBI, a key player in the Iraqi financial sector, primarily owned by Capital Bank, offers a wide array of banking services catering to both individuals and corporations. Focused on improving customer service and operational efficiency, NBI’s partnership with Temenos, a specialist in banking software systems, promises robust platforms for core banking, payments, and other financial services. These platforms enable high-volume transactions and seamless integration across various banking modules.
The integration of Temenos’ core banking and payments platform at NBI signifies a significant leap in the bank’s operational capabilities. Notably, NBI becomes the pioneer within the Capital Bank Group to adopt Temenos Payments, processing over 100,000 transactions within the initial two weeks of implementation, achieving an impressive 99% straight-through processing rate. This technological upgrade underscores NBI’s commitment to advancing its digital transformation agenda.
This successful deployment is part of a series of transformative projects undertaken by Capital Bank with Temenos, contributing to a 50% increase in operational efficiency over three years. These enhancements have led to significant cost savings and improved customer satisfaction levels across the group.
Izzidin Abusalameh, Chief Operations Officer of the National Bank of Iraq, expressed, “This achievement marks a significant milestone in our digital transformation journey, positioning 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, enhancing operational efficiency and delivering a superior digital banking experience to our customers. Our continued partnership with Temenos has not only equipped us with advanced technological capabilities but has also fostered a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.”
Lee Allcorn, Managing Director for Middle East & Africa at Temenos, congratulated the National Bank of Iraq and the Capital Bank team on the successful implementation, stating, “With Temenos, Capital Bank Group is future-ready, equipped with modern technology platforms and the ability to deploy rapidly with pre-configured banking capabilities. We are proud to support them as they continue to innovate, driving sustainable growth and enhancing the banking experience for customers.”
Source: fintech.global
