Al Ain Finance Selects Temenos SaaS to Remotely Deploy Corporate Banking Solution During Covid-19
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Al Ain Finance Selects Temenos SaaS to Remotely Deploy Corporate Banking Solution During Covid-19

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.

– Ends –

About Alain Finance P.J.S.C.

Al Ain Finance P.J.S.C is a Private Joint Stock Company, owned by prominent Emirati shareholders, licensed and regulated by the U.A.E. Central Bank. Al Ain Finance was established in 2016 in the emirate of Abu Dhabi, specialized in designing and offering alternative financing solutions to Small and Medium Enterprises (SMEs) across the U.A.E. region.

With professional employees using state-of-the-art system, we are able to support our customers in their working capital financing requirements. We pride ourselves in understanding our customer’s requirements, advising them on using the most optimal solutions, and providing the required funding they need to grow their business, all in a seamless and hassle-free manner.

About Temenos

Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.

Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.

For more information, please visit www.temenos.com.

PRESS RELEASE

Author

  • Richie Santosdiaz, Contributing Reporter for Middle East and Africa

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