Banking software company Temenos has announced Jordan Ahli Bank (“Ahli Bank”) has gone live with cloud-native Temenos Infinity to rapidly develop and deploy new digital and mobile banking experiences, helping it differentiate and drive customer growth in Jordan and the Middle East. Working with Temenos, the bank has successfully achieved this while operating remotely, due to Covid-19.
With Temenos Infinity, Ahli Bank was able to create a new Instant Account Opening Service in just 30 days, providing an easy way for existing and prospect customers to open an account using only the web or a mobile phone. The instant onboarding service and new mobile banking are expected to accelerate the bank’s customer base in Jordan as well as provide a low-cost route to grow and service customers in Palestine and Cyprus.
Taking a phased approach, the bank initially focused on Temenos Infinity to transform the digital experience of its personal banking products, including deposit accounts, payments, credit cards, loans and insurance. In the next phase, the bank plans to deploy Temenos Infinity to accelerate the digital transformation of its corporate banking operations.
Haitham Matar, Digital Strategy Director at Jordan Ahli Bank, stated: “As our technology partner, Temenos has shown deep understanding of the Jordanian and Middle East markets’ local requirements. This has proved a huge advantage for us as we transform our banking operations and adapt to the changing needs of our customers. Adding Temenos Infinity to our existing Temenos Transact core banking platform, means we can now create and continuously enhance our digital products with greater speed and agility. This gives Ahli Bank the edge in delivering a new experience for customers and prospects, helping us to differentiate our service and drive growth.”
Temenos has also recently announced a partnership with Saudi Arabian digital wallet, STCPay, who have selected Temenos Payments and Temenos Transact running on a private cloud to achieve exponential growth and expand its digital payments capabilities. Using Temenos’ cloud and microservices-based technology to power innovation and transform customer journeys, STCPay aims to double its customer base by 2021. Longer-term, the business aims to establish itself as the leading digital challenger in the Middle East and Africa region.
Temenos Payments provides Straight-Through Processing (STP) rates over 99% and will underpin STCPay’s digital customer experiences. Temenos Payments will be integrated with Temenos Transact, the next-generation core banking product, and deployed on private cloud to provide unparalleled resilience and scalability to support skyrocketing volumes of digital payments. This will provide STCPay with benefits in light of regional trends towards cashless banking as a result of Covid-19.
Ahmed Alenazi, Chief Executive Officer, STCPay, commented: “We are excited to partner with Temenos and unlock the vast opportunities of digital payments in the Middle East. Temenos brings to this partnership 20 years’ experience deploying advanced banking software and delivering next-generation digital experiences in Saudi Arabia. With Temenos’ market-leading technology and rich banking functionality, we aim to redefine payments, offering outstanding digital experiences that integrate into our customers’ lifestyles.”
Temenos Saudi model bank will deliver pre-configured, country-specific capabilities and regulatory compliance to support STCPay to roll out its new platform in the shortest possible timeframe and at minimum cost. With model bank capabilities for more than 150 countries, Temenos’ software will support the seamless onboarding of new geographies across the Gulf Cooperation Council (GCC) and scale as STCPay’s business grows.