GENEVA, Switzerland – 17 April 2013 – Temenos (SIX: TEMN), the market leading provider of mission critical software to the financial services industry, today announces that Cairo Amman Bank, a full service bank with 106 branches in Jordan and Palestine, has gone live with T24, Temenos’ award-winning core banking system.
The deployment of T24 replaces the bank’s legacy core banking system and consolidates multiple banking modules. Through centralising its operations, Cairo Amman Bank expects to see immediate improvements in operational efficiency including automation of Real Time Gross Settlement payments, freeing up a team of people to support additional growth in the business and laying the infrastructure to support sustained growth in income and profitability.
June 2012 saw Cairo Amman Bank’s Abu Nseir branch go-live as a pilot branch, followed by Treasury department operations in October 2012. The Zara Mall branch underwent the implementation of a model branch in March 2013 and the remaining 84 branches in Jordan and 21 in Palestine are scheduled to go live by the end of 2013. As part of the move to T24, the bank is also installing a Temenos’ anti-money laundering (AML) screening solution.
Cairo Amman Bank selected T24 based upon Temenos’ deep understanding of the local banking market and its proven track record of implementation of modern technological IT banking modules and support systems.
Kamal Al-Bakri, General Manager, Cairo Amman Bank says:
Temenos has delivered Cairo Amman Bank a modern, best-in-class core system, pivotal to the future success of the bank. We have invested in T24 to centralise and unify our core platform, eliminating complexity and lowering total cost of ownership. With T24 we now have an open and modern platform that integrates and interfaces with any external system and has the flexibility and scalability to grow with us. We found in Temenos a like-minded, innovative partner, harnessing technology to provide a truly differentiating service.
David Arnott, CEO, Temenos comments:
Cairo Amman Bank is known for its progressive approach to innovation and for its excellent customer service – it was, for instance, the first bank in Jordan to pioneer iris recognition for identity verification. Transforming its core banking system will position the bank for future growth and system enhancements to ensure it is always at the forefront of innovation. We are delighted that T24 is central to this innovation.
About Cairo Amman Bank
Since its foundation as a public shareholding company on June 11th 1960, Cairo Amman Bank has repeatedly revolutionized the Jordanian banking landscape, effectively utilizing its solid capital base and longstanding experience to provide an extensive line-up of advanced banking solutions. The bank’s pioneering services have added a new dimension to countless high profile projects in the Kingdom which helps reinforce the local economy, and helps meeting its clients’ prompt financial needs, these services include personal loans through salary transfers, financing small and medium enterprises, investment services, credit cards and wire transfer.
Boasting a unique and integrated network of branches in Jordan and Palestine, Cairo Amman Bank offers a wide variety of innovative banking services to an ever-growing client base. The bank also provides a variety of electronic banking services through its website, www.cab.jo, which can be accessed anywhere at any time. These revolutionary services embody the bank’s new corporate identity, which embraces modernity, openness and communication. The bank’s policy as a financial institution aims to simplify banking and make it more accessible to clients, thereby liberating them from the fetters of conventional practices. Cairo Amman Bank strives to reach every corner in the Kingdom by securing a presence in different centres of the Jordan Post Company.
As part of Cairo Amman Bank’s commitment to delivering easy accessibility to its clients, the bank has positioned a wide network of ATM machines strategically located in various key spots in the Kingdom and Palestine. Cairo Amman Bank takes pride in being the first bank in the world to pioneer the use of Iris Recognition print as a mean for identity verification, which has allowed the banks’ clients the convenience of foregoing ATM cards and PIN codes, whereby the system identifies customers’ ID and access their accounts automatically at the bank’s teller counters or ATM machines. This identity verification system has resulted in more convenient and secure banking experience to its clients through modern technology. With a high calibre banking staff, investment and financial experts, the bank actively contributes to the national economy by making banking services more accessible to society members, thereby improving the standards of living of the Jordanian individual.