Temenos, a banking and finance software provider, has confirmed that it is implementing its software at British Arab Commercial Bank (BACB), the London based provider of trade finance and treasury services to Africa and the Middle East.
Cost Reduction
BACB selected Temenos’ CorporateSuite, which includes digital channels, Temenos Connect and analytics for corporates, Insight BI, to replace its existing legacy system.
David Hamilton-Brown, CIO, BACB, commented: “An integrated architecture will ensure a holistic view of our data and at the same time reduce our costs base in this highly competitive banking environment. Temenos offers an excellent fit for our product offering and provides an improved opportunity for digital delivery to our client.”
Temenos offers an excellent fit for our product offering and provides an improved opportunity for digital delivery to our client.
By aligning its technology with the bank’s business strategy, BACB is seeking to reduce IT costs and streamline processes to support its plan for sustainable revenue growth in developing countries in Africa and Middle East.
The system replacement project will result in most of the bank’s current legacy systems and platform components being replaced with the Temenos CorporateSuite solution, which offers the flexibility and scalability required by BACB to address the diverse needs of their clients in developing markets.
David Arnott, CEO of Temenos, said: “By selecting Temenos CorporateSuite to underpin its system transformation, BACB is leveraging Temenos’ broad experience in supporting financial institutions in developing countries with scalable, cost effective, localised banking solutions. With Temenos technology BACB is well placed to sustainably support the needs of its clients, while maximising the business growth opportunities in facilitating trade finance between developing markets and Europe.”
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