Al Masraf selects Temenos for strategic core banking transformation

Al Masraf signs strategic partnership with Temenos
Temenos technology will enable and support Al Masraf’s strategy of product innovation, and client centricity

In line with its new business and Innovation strategy, Arab Bank for Investment and Foreign Trade (Al Masraf) has signed an agreement with Temenos (SIX: TEMN), the software specialist for banking and finance, in which Temenos will provide its UniversalSuite, the front-to-back solution for retail, commercial and corporate banking to be implemented as Al Masraf’s new core banking and channels platform.

The signing ceremony was attended by Faisal Galadari, Chief Executive Officer at Al Masraf, Jean Michel-Hilsenkopf, Managing Director at Temenos and Ahmed Alrefae Chief Operation Officer at Al Masraf.

Commenting on the announcement, Faisal Galadari, Chief Executive Officer, Al Masraf said:

“Our selection of UniversalSuite highlights our commitment to technology and innovation. We invest in our people and technology to deliver innovative solutions and convenience for our customers. The Temenos solution will support our ambitious growth plans and improve our ability to bring innovative products to market more quickly and efficiently. The modern software architecture and real-time features will provide the foundation for our digital business. Temenos has the people, culture, and technology to fulfill our vision and support the implementation of our strategy, which is why we’ve chosen them as our strategic technology partner.”

Jean Michel-Hilsenkopf, Managing Director at Temenos commented:

“Temenos is delighted to be working with Al Masraf on this significant core banking project. By selecting Temenos’ integrated, front-to-back solution across its entire business, Al- Masraf puts itself in a position to differentiate its customer proposition in a highly competitive marketplace whilst also ensuring the continued success of this great and longstanding institution. With its capacity to accommodate the Federal bank business, our core banking platform will give Al Masraf the technology to scale its business while also delivering exceptional customer service.”

Ahmed Alrefaei Chief Operation Officer, Al Masraf said:

“We selected Temenos above other vendors based on its advanced system architecture and its packaged software model. With an impressive legacy building real-time, innovative, integrated and open banking software, Temenos’ solution has the capacity to accommodate our business and the all-important journey toward digitalization. The architecture of the software allows for instant customer fulfilment, easy integration with the bank’s other systems and full exploitation of the bank’s data assets. This will allow us to better support our core operations and channels to deliver a unique and differentiated customer experience.”

Used by more than 400 banks worldwide, UniversalSuite is designed to reduce banks’ infrastructure costs at the same time as enabling them to benefit from open banking solutions. Al Masraf intends to use the solution’s real-time analytics and integrated digital channels to deliver innovative products and and more personalised customer experience.