GENEVA, Switzerland – February 26, 2018 – Temenos (SIX: TEMN), the banking software company, announces that Saradar Bank sal, of Lebanon, has gone live on Temenos Transact Core Banking. This successful implementation replaces the bank’s multi-system environment with a single, centralized core banking system.
The Temenos Transact solution eliminates the complexity of disparate systems, enabling the bank to quickly introduce new products which are relevant to the changing needs of its current and prospective customers. It also facilitates improved operational cost efficiency, and more effective relationship management and client service.
Banque de l’Industrie et du Travail sal (“BIT”) and Near East Commercial Bank sal (“NECB”) have merged and united as one organization under the name “Saradar Bank sal”. Saradar Bank is driven by innovation and reinvents itself continuously, adapting to its clients’ changing needs. The bank provides innovative digital banking solutions through an omni-channel approach in the private, commercial and retail sectors. Following the merger, Saradar Bank decided to migrate and consolidate the legacy systems into a single platform with Temenos.
The implementation, completed in a “big bang” approach for instant and synchronized impact, was led by Temenos and supported by BankerWay. The platform is already empowering front line staff to increase cross-selling as well as enhancing quality of service.
High liquidity and compliance with all international regulatory standards make Lebanon’s banking sector one of the most profitable in the region (LegalMondo, 2017), but also makes it a heavily regulated environment. With the implementation of the pre-configured Country Model Bank of T24 Core Banking, Saradar Bank can comply with the country’s regulatory policies, while reducing complexity of the IT infrastructure as it prepares for future growth.
Jean-Paul Mergeai, Regional Director – MEA, Temenos said:
“T24 Core Banking provides an infrastructure of 24/7 straight-through processing. With T24 Core Banking as the foundation, paired with a 360-degree view of the customer, the bank will be able to use actionable data to define and execute their strategy. With Temenos’ pre-packaged model bank, Saradar Bank has removed complexity and lowered their total cost of ownership, and will now benefit from streamlined operations. Going forward, the platform’s real-time capabilities and embedded analytics will allow Saradar Bank to grow faster and deliver new products and services in a more timely and efficient way.”