GENEVA, Switzerland – July 9, 2020 – Temenos (SIX: TEMN), the banking software company today announced that Al Ain Finance will rapidly deploy Temenos Infinity and Temenos Transact on Temenos SaaS to replace its legacy in-house system and achieve end-to-end digital transformation. The front-to-back SaaS digital banking offering will provide the broadest out-of-the-box functionality for Al Ain Finance to deliver differentiated digital experiences to Small and Medium-sized Enterprises (SMEs). Temenos’ cloud-native, technology will be delivered remotely as Temenos SaaS to allow the business to respond to increasing demand for digital banking during Covid-19 in the quickest possible timeframe. Temenos’ SaaS solution will be hosted on Microsoft Azure.
Al Ain Finance is a Private Joint Stock Company licensed and regulated by the UAE Central Bank. The company was established in 2016 to support UAE SMEs with tailored Working Capital Financing, including invoice factoring and discounting, and is building its reputation as the one of the nation’s best finance companies.
Temenos API-first, cloud advanced technology will give Al Ain Finance resilience and the agility to respond to evolving market conditions and capitalize on new opportunities. Temenos’ AI technology will drive automation and process optimization, empowering the business to focus its resources on customer-centricity while reducing operational costs.
Temenos’ technology is highly localized and will be quickly implemented without customization so Al Ain Finance can digitalize its operations and gain rapid return on investment. The financial institution will combine the strengths of Temenos’ UAE Model Bank and Temenos SaaS to deploy the richest, pre-configured banking functionality in the shortest possible timeframe.
Mr. Mohammed R, Chairman, Al Ain Finance, stated:
“We are delighted to partner with Temenos and adopt cutting-edge cloud technology to rapidly transform our business. Temenos SaaS offering will provide us with a pre-packaged, comprehensive corporate banking product to provide superior digital experiences to our SME customers. Temenos’ cloud-native technology and unrivalled business experience in the region will be a catalyst for the digital transformation of our business. Temenos will provide a completely remote installation in light of the Coronavirus pandemic, enabling us to realize our business goals and support SMEs with vital financing in a matter of days.”
Jean-Paul Mergeai, Managing Director – Middle-East & Africa, commented:
“We are excited to partner with Al Ain Finance as they embrace the power of the cloud to transform their business and offer outstanding digital experiences to SMEs. We see a surging demand in cloud adoption and SaaS based-models in the region which is being accelerated by the coronavirus pandemic as banks require more resilient and agile technology propositions. Temenos is the only provider to offer banks the most advanced cloud-native technology and the broadest functionality. With our cloud technology, Al Ain Finance will gain speed to market, and benefit from reduced cost and complexity.”
According to the 2020 Economist Intelligence Unit report released recently, two thirds of banking executives agree that new technologies, like cloud and AI, will continue to drive the global banking sphere for the next 5 years.