The Nationwide Financial institution of Iraq (NBI) has up to date its legacy techniques onto the identical core banking platform as different entities within the Capital Financial institution Group following an integration with Temenos, the SaaS cloud banking answer.
Following the brand new Temenos implementation, NBI will function extra effectively and combine seamlessly with different techniques to develop new merchandise quicker and ship an improved buyer expertise.
NBI, which has 27 branches throughout Iraq, provides a complete vary of companies to people and companies within the nation. Since 2005, NBI has been majority-owned by Capital Financial institution, one of many prime monetary establishments working within the Jordanian and regional markets, with property of roughly JOD 7.6 billion.
Izzidin Abusalameh, chief operations officer, Capital Financial institution Group, commented: “This achievement marks a big milestone in our digital transformation journey and positions us as a number one participant within the banking business. We’ve seamlessly transitioned the Nationwide Financial institution of Iraq to a cutting-edge core banking system which won’t solely improve operational effectivity but in addition help offering our clients with a superior digital banking expertise.
“Our continued partnership with Temenos has not solely offered us with a sophisticated technological platform however has additionally facilitated a tradition of flexibility and adaptableness, enabling us to execute our formidable development plans.”
Preserving tempo
Capital Financial institution Group is a long-standing Temenos buyer with different entities within the Group already on the Temenos platform together with:
- Capital Financial institution of Jordan
- Financial institution Audi
- Société Générale Financial institution Jordan
- NBI Saudi Arabia
NBI additionally turns into the primary a part of the group to undertake Temenos Funds. This allows the financial institution to course of greater than 100,000 transactions of incoming and outgoing home and worldwide funds within the first 15 days of operation. That is all made attainable with a 99 per cent straight-through processing price.
Integrating Temenos
The migration to the Temenos platform for core banking and funds at NBI was accomplished in below 12 months due to Temenos’ pre-configured banking and funds capabilities and APIs which decreased the necessity for advanced customisations, in addition to shut collaboration between Temenos, NBI, Capital Financial institution and supply associate ITSS. This success was just lately recognised within the IBS Intelligence Innovation Awards, with Capital Financial institution successful ‘Finest Implementation of Core Banking Companies’.
The implementation at NBI follows a number of different profitable transformation tasks with Temenos for Capital Financial institution in the previous few years, together with the launch of NBI’s department operations in Saudi Arabia in simply 45 days, in addition to the mixing of Financial institution Audi and the previous Jordanian operations of Société Générale, every of which was achieved in below 4 months.
Collectively, these tasks helped Capital Financial institution to extend operational effectivity by greater than 50 per cent inside three years, bringing vital price financial savings and an improved buyer expertise. With quicker, extra correct processing and quick service requests, the financial institution has maintained excessive buyer retention charges and a status for service excellence.
Lee Allcorn, managing director, Center East and Africa, Temenos mentioned: “Congratulations to Nationwide Financial institution of Iraq and the Capital Financial institution group on this profitable implementation that offers NBI enterprise agility and the identical trendy expertise platform and talent to deploy quick with pre-configured banking capabilities as the remainder of the group. With Temenos, Capital Financial institution Group is future-ready, and we’re proud to help them as they proceed to innovate and leverage our platform to develop sustainably and improve the banking expertise for patrons.”
