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National Bank of Iraq Integrates Temenos Services to Improve CX and Payments Services

The National Bank of Iraq (NBI) has updated its legacy systems onto the same core banking platform as other entities in the Capital Bank Group following an integration with Temenos, the SaaS cloud banking solution. 

Following the new Temenos implementation, NBI will operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience.

NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority-owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion.

Izzidin Abusalameh, chief operations officer, Capital Bank Group
Izzidin Abusalameh, chief operations officer, Capital Bank Group

Izzidin Abusalameh, chief operations officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience.

“Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.”

Keeping pace

Capital Bank Group is a long-standing Temenos customer with other entities in the Group already on the Temenos platform including:

  • Capital Bank of Jordan
  • Bank Audi
  • Société Générale Bank Jordan
  • NBI Saudi Arabia

NBI also becomes the first part of the group to adopt Temenos Payments. This enables the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation. This is all made possible with a 99 per cent straight-through processing rate.

Integrating Temenos

The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customisations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognised in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services’.

The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months.

Lee Allcorn, managing director, Middle East & Africa, Temenos
Lee Allcorn, managing director, Middle East & Africa, Temenos

Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50 per cent within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence.

Lee Allcorn, managing director, Middle East and Africa, Temenos said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”

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