T24 to replace Misys Bankmaster at Capital Bank of Jordan
GENEVA, Switzerland 22 June 2009 – Temenos (SWX: TEMN), the global provider of integrated core banking systems, today announced that Capital Bank of Jordan has selected TEMENOS T24 (T24) to support its expansion into the retail banking market. Established in 1996, the bank offers corporate and personal banking services to its customers across 11 branches in Jordan. It plans to increase the number of branches to 35 in the next three to four years as well as seeking new business opportunities in neighbouring Arab countries.
For the past 12 years the bank has used several systems to run its operations, which were heavily focused on the corporate banking sector. Lack of scalability in the existing system meant that the bank had to acquire and integrate multiple systems into its core banking infrastructure resulting in high, untenable maintenance costs. With a new strategic focus on the retail banking market, Capital Bank of Jordan required a more flexible and scalable system that could meet both local and international regulatory requirements as well as providing the rapid delivery of new products and services to enable the bank to differentiate its offerings in a very competitive market. After a rigorous selection process involving numerous respectable international vendors, Capital Bank of Jordan selected T24 to support its corporate and retail banking businesses on a single platform. By replacing the existing legacy systems and various sub-systems, T24 will reduce ongoing maintenance costs considerably and generate significant cost savings for the bank.
“To achieve our goals in the retail banking market we needed to significantly improve the range of products and services that we were offering. Developing new products in the existing system was a lengthy process therefore a quick time to market for new products and multi-channel delivery capabilities were among our top priorities in the selection of a new core banking system. In addition, we wanted to automate as many processes as possible to improve operational efficiency and increase customer satisfaction through consistent service delivery. T24 has a proven track record as a robust, 24x7 core banking system that will enable us to achieve these goals,” comments Haytham Kamhiyah, General Manager, Capital Bank of Jordan.
“This is a key win for Temenos which will help us position T24 as the standard upgrade product from the legacy systems that most banks are using in Jordan, quite a few on the existing platform. We welcome Capital Bank of Jordan to the Temenos community, and we are delighted that T24 will be pivotal in helping the bank to achieve its growth plans. T24’s flexible architecture will enable the bank to stay ahead of changing customer, market and regulatory requirements, as well as providing a robust structure for management information and reporting to support key decision-making,” says Andreas Andreades, CEO, Temenos.
T24 will be implemented on an Oracle database and IBM servers across all 11 branches. The system is expected to go live in June 2010.
About Temenos T24
T24 Model Bank is packaged core banking software which includes banking best practices based on Temenos’ implementations in over 600 financial institutions and 120 countries across the Retail, Corporate, Universal, Private Wealth, Islamic and Microfinance and Community banking sectors. Its highly automated approach delivers short implementations, guarantees lower cost of ownership with rapid and measurable ROI. T24 allows banks to replace a large number of disparate legacy systems, thereby streamlining their operations. Banks around the world use T24 to rapidly deliver innovative, market-driven products and services tailored to meet the changing needs of their customers. T24 enables banks to deliver growth, while managing risk and cost, and ensuring that they remain ahead of the competition with the most efficient and economical business model in the market.
T24 provides banks with unparalleled richness in functionality on an integrated, Service Oriented Architecture (SOA), with front- to-back office support and is fully enabled for standard Simple Object Access Protocol (SOAP) web services, and BPEL (Business Process Execution Language). Temenos’ total commitment to open standards enables its customers to benefit from the latest advances in technology, ensuring business agility, continuity, data integrity and reduced downtime, all resulting in a significant delivering a significant, immediate and ongoing ROI (Return On Investment).
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About Capital Bank of Jordan
Capital Bank of Jordan, formerly Export & Finance Bank, was established in 1995 with an authorized capital of JD20 million which has been increased over the years to reach JD132 million. The Bank provides a full spectrum of commercial and investment banking services that meet the needs and requirements of individuals and corporate clients. Capital Bank provides its services through its main branch located in the Shmeissani area in Amman, and its branches network throughout Jordan. The Bank’s Corporate Banking Division’s principal activities include the provision of direct and indirect credit facilities primarily to the export and manufacturing sectors. Capital Bank’s Personal Banking Division caters to clients’ personal banking needs in a friendly and professional environment; the division’s activities involve extending all types of loans including Home Loans, Car Loans, Land Loans and Personal Loans, and deposits. In June 2006, Capital Bank’s Investment Banking division’s was spun off into Capital Investments – a wholly owned subsidiary of Capital Bank. Capital Investments’ primary business activities include corporate finance, asset management, securities brokerage, and research. Capital Bank acquired a 59 percent shareholding in National Bank of Iraq in addition to management control. Capital Bank crafted and executed a successful vision for the future at the signing of the strategic partnership agreement with National Bank of Iraq (NBI); and over the years, Capital Bank is making available to NBI all the resources and technical support needed.
Founded in 1993 and listed on the Swiss Stock Exchange (SWX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 52 offices worldwide, Temenos serves over 700 customers in more than 120 countries.
Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 650 implementations around the globe. Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations.
Temenos annually invests around 20% in R&D, significantly more than its peers, into a single fully packaged upgradeable software release, which ensures all Temenos customers benefit from modern technology and support indefinitely.
Temenos is top of the IBS Sales League Table 2008, winner of the Best Core Banking Product category in Banking Technology magazine’s Readers’ Choice Awards 2008, winner of the Financial-i Leaders in Innovation award for the most innovative core banking systems solution 2008 and is listed in the American Banker top 100 FinTech companies. For more information please visit www.temenos.com
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