Temenos, a global provider of integrated core banking systems, has declared that Jordan-based Cairo Amman Bank has selected TEMENOS T24 (T24) to replace its legacy system and provide a platform from which to drive growth across the country. The bank signed the deal with Temenos in June 2009, following the recent signing of Temenos’ first customer in the country.
It has been reported that 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. After conducting an evaluation process in which a number of 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%.
Kamal Bakri, GM of Cairo Amman Bank, said: “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.”
