The Central Bank of the Republic of Azerbaijan (CBAR), one of the most influential central banks in the region, upgraded to the newest release of Temenos Transact for first time in the country on 16 December, 2013, after successful six-month implementation process.
CBAR, a leader and pioneer in the country’s financial services industry, has been using T24 as its core banking software system since 2010. The system has already gained nationwide significance as CBAR achieved online integration of T24 with eight government institutions and with its regional centres. During the R13 release implementation project, CBAR upgraded securities, loans, foreign exchange, money market, ARC teller, funds transfer, open financial services budget and reporting modules.
Central to the upgrade was Temenos’ implementation partner, Foranx, who ensured the project was delivered on time and fully within the requirements of the Central Bank. With highly specialised T24 consultants and with over a decade of working on T24 projects, Foranx was the trusted partner for the project.
The new release of T24 will enable the bank to significantly improve the speed of transaction processing, create more secure interfacing channels, decrease maintenance costs and ensure the continuous operations of the system.
Mr. Farid Osmanov, CIO of CBAR, commented:
Our strategic IT objective is to achieve high levels of scalability, optimised system productivity, full business process automation and minimisation of maintenance costs across our system platforms. Hopefully, this upgrade of T24 will help us to realise our expectations and fulfil our strategic goals.