Temenos (SWX: TEMN), the global provider of integrated core banking systems, today announced that Capital Bank of Jordan has selected TEMENOS T24 (T24) to support its expansion into the retail banking market. Established in 1996, the bank offers corporate and personal banking services to its customers across 11 branches in Jordan. It plans to increase the number of branches to 35 in the next three to four years as well as seeking new business opportunities in neighbouring Arab countries.
For the past 12 years the bank has used several systems to run its operations, which were heavily focused on the corporate banking sector. Lack of scalability in the existing system meant that the bank had to acquire and integrate multiple systems into its core banking infrastructure resulting in high, untenable maintenance costs. With a new strategic focus on the retail banking market, Capital Bank of Jordan required a more flexible and scalable system that could meet both local and international regulatory requirements as well as providing the rapid delivery of new products and services to enable the bank to differentiate its offerings in a very competitive market. After a rigorous selection process involving numerous respectable international vendors, Capital Bank of Jordan selected T24 to support its corporate and retail banking businesses on a single platform. By replacing the existing legacy systems and various sub-systems, T24 will reduce ongoing maintenance costs considerably and generate significant cost savings for the bank.
"To achieve our goals in the retail banking market we needed to significantly improve the range of products and services that we were offering. Developing new products in the existing system was a lengthy process therefore a quick time to market for new products and multi-channel delivery capabilities were among our top priorities in the selection of a new core banking system. In addition, we wanted to automate as many processes as possible to improve operational efficiency and increase customer satisfaction through consistent service delivery. T24 has a proven track record as a robust, 24x7 core banking system that will enable us to achieve these goals," comments Haytham Kamhiyah, General Manager, Capital Bank of Jordan.
"This is a key win for Temenos which will help us position T24 as the standard upgrade product from the legacy systems that most banks are using in Jordan, quite a few on the existing platform. We welcome Capital Bank of Jordan to the Temenos community, and we are delighted that T24 will be pivotal in helping the bank to achieve its growth plans. T24's flexible architecture will enable the bank to stay ahead of changing customer, market and regulatory requirements, as well as providing a robust structure for management information and reporting to support key decision-making," says Andreas Andreades, CEO, Temenos.
T24 will be implemented on an Oracle database and IBM servers across all 11 branches. The system is expected to go live in June 2010.
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