ADCB-Egypt, a subsidiary of Abu Dhabi Commercial Bank Group – the third largest bank in the United Arab Emirates, has extended its collaboration with Temenos (SIX: TEMN) (www.Temenos.com) to offer next-generation digital payments on Temenos open composable banking platform.
The bank will compose payment solutions to adopt new global standards such as ISO20022 and SWIFT GPI and power new payment offerings, including instant and cross-border payments, for its retail and business customers. With Temenos, the bank will have the agility and flexibility to instantly process payments from any channel, local or international, all in real time.
ADCB Egypt will also compose digital banking solutions with the latest core banking capabilities to streamline and automate its cash management lifecycle.
Ihab ElSewerky – Managing Director and CEO, ADCB-Egypt, said: “ADCB Egypt is always eager to adopt the latest technologies and partner with the best service providers. This new step of our existing collaboration with Temenos will strengthen the bank’s internal systems as new instant payments solutions. technological updates will always enable us to provide our customers with the highest quality of service and to comply with regulatory directives.This is also in line with our digital transformation strategy and our commitment to be at the forefront of innovation which differentiates our service, delights customers and meets their growing needs.
Jean-Paul Mergeai, President – EMEA-APAC, Temenos, said: “ADCB is leading the way in digital banking in Egypt. With Temenos, she created a modern, customer-centric digital bank that can innovate quickly and deliver exceptional customer experiences. Temenos is the undisputed market leader with a strong presence in Egypt. Our global expertise combined with our local market knowledge will support ADCB in the further development and growth of its banking services in Egypt.
Through this new cooperation, ADCB-Egypt will tap into growing customer demand for cross-border payments, offering instant and frictionless account-to-account payments anywhere in the world. Temenos Payments on the open Temenos platform will also allow the bank to automate its front, middle and back office functions.
The bank saw rapid adoption in its first year and was recognized as “the fastest growing digital bank” and awarded Best Digital Transformation Program and Outstanding IT Transformation. Today, more than half of bank customer transactions are digital.
Temenos Payments is a comprehensive platform for efficient payment execution and distribution, eliminating the need for a different system for different types of payment activity or payment rails. The platform will enable ADCB Egypt to continue improving the digital customer experience with new payment products, such as instant payments and payment request, quickly and at low cost. Temenos Payments is API enabled and compliant with ISO20022 messaging standards and trade flows.
Distributed by APO Group on behalf of Temenos.
Jessica Wolfe and Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
E-mail : [email protected]
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
E-mail: [email protected]
About ADCB Egypt:
Launched at the end of 2020, ADCB Egypt is part of the ADCB Group, one of the leading financial institutions in the United Arab Emirates.
ADCB Egypt serves all customers by offering a wide range of products and services for consumer banking, wholesale banking and treasury and investments.
With a multitude of award-winning digital solutions, ADCB Egypt offers innovative digital solutions, helping to provide the highest levels of service and convenience to its customers and partners. ADCB Egypt has a nationwide network of branches and ATMs.
For more information, please visit www.ADCB.com.eg.
Temenos AG (SIX: TEMN) is the world leader in banking software. More than 3,000 banks worldwide, including 41 of the top 50 banks, trust Temenos to handle both day-to-day transactions and customer interactions for more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-independent and AI-powered front office, core banking, payment and fund administration software, enabling banks to deliver seamless omnichannel customer experiences and reach operational excellence.
Temenos software has been proven to enable its top performing customers to achieve cost-to-income ratios of 26.8%, half the industry average, and returns on equity of 29%, three times the industry average. These customers also invest 51% of their IT budget in growth and innovation versus maintenance, twice the industry average, proving that banks’ IT investment adds tangible value to their business.
For more information, visit www.Temenos.com.
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