Banque du Caire, One of the Largest State-owned Banks in Egypt, Goes Live With Temenos to Redefine Digital Customer Experience
Temenos (SIX: TEMN), the banking software company, today announces that Banque du Caire has gone live with Temenos Infinity, the omni-channel digital banking product to transform the bank’s multiple banking channels into a fast, seamless and compelling customer journey. At this first stage of the Temenos Infinity implementation, the bank has gone live with digital channels servicing corporate and retail customers. The second phase of the implementation will deliver enhanced customer engagement with the Temenos Infinity real time marketing, digital engagement and digital analytics modules. Temenos Infinity will allow Banque du Caire, which currently operates a network of 225 branches, to increase product agility and take new products and services quicker to market.
Temenos Infinity was implemented through APIs as an independent front office platform on the bank’s existing third party core banking system. The bank is also undergoing a core banking system overhaul after choosing the cloud-native, cloud-agnostic Temenos T24 Transact, the next generation core banking product. By selecting Temenos’ integrated, packaged, open, upgradeable banking software Banque du Caire will benefit from accelerated project timelines which will massively reduce the cost of deployment.
With this end-to-end digital transformation project, Banque du Caire will be empowered to not only realize its growth strategy in a cost effective way, but also to bring cutting-edge banking services to its 2.9 million customers in Egypt and to continue working towards the bank’s vision to become the region’s leading bank.
With its open API-first design, Temenos Infinity will enable Banque du Caire to connect with a wider ecosystem of financial and non-financial providers as well as the developer community to innovate and bring products to market faster to satisfy the Egyptian public needs. Banque du Caire is a multi-award winning, full-service bank that provides a complete array of products and services to the corporate and retail markets. The bank plays an effective role in financing vital sectors of the national economy through participating in the syndicated loans serving different sectors, as well as in financing SMEs and Microfinance projects. By implementing Temenos packaged, open and upgradeable software, Banque du Caire continues to ensure that the 10,000,000 million transactions processed monthly are fast, secure, and compliant, as well as providing world-class products and services to consumers and small business owners across Egypt.
Amr El Shafei, Executive Vice Chairman, Banque du Caire, said: “We are delighted to be working with Temenos as our strategic technology partner for our digital transformation journey. The implementation of Temenos Infinity was on-time and on budget. Using Temenos Infinity, with its API-first technology, we will dramatically enhance our customers’ experience by leveraging emerging digital technologies and taking new innovative products and differentiated services to market rapidly. We selected Temenos’ integrated, packaged and open banking software for our front and back office as this will enable us to transform faster, drive out complexity and drastically lower our overall total cost of ownership. Temenos has a worldwide reputation for robust, innovative banking software and predictable, fast implementations combined with extensive presence and commitment in the Middle East."
Jean-Paul Mergeai, Managing Director – Middle East and Africa, Temenos, said: “Egypt is embracing the digital revolution and we see banks of all sizes embarking on digital transformation projects. We are delighted to be partnering with Banque du Caire. The bank has benefited with a fast implementation of its digital front office by selecting our integrated, packaged product, Temenos Infinity. By choosing to transform its operations front –to- back with our software products Temenos Infinity and Temenos T24 Transact on the same technology platform, Banque du Caire will benefit from a rapid deployment model and significantly lower costs. The bank will be positioned to leverage technology innovation to drive operational efficiencies and enhance their customer experience at a reduced cost.”
– Ends –
About Banque du Caire
Founded in 1952, Banque du Caire, is one of Egypt’s oldest and largest banks. Banque du Caire is a multi-award winning, full-service bank that provides a complete array of products and services to the retail and corporate markets. Offering clients a full suite of personalized retail and corporate banking products and services, the bank has been able to leverage its extensive distribution network spanning the entirety of Egypt, its deep understanding of local and regional market dynamics, and a talented pool of industry professionals to become a leader in the retail banking sphere. It is renowned in the market for pioneering an institutionalized microfinance operation, spearheading a push for financial inclusion, community devilment, and entrepreneurial empowerment long before others in the industry. Its long-standing presence in the Egyptian market has seen it back economic growth for decades, with the bank having extended financing to corporations across numerous key sectors of the Egyptian economy.
Today, the bank continues to grow and evolve as part of its strategy to adapt dynamically to market shifts and customer needs by adding new products and more services to its already vast array of financial solutions in the retail and corporate segments. In 2018, to complement its corporate banking activities and benefit from synergies across its activities and lines of business, Banque du Caire launched a corporate leasing venture Cairo Leasing Corporation (CLC), which has already positioned itself as a leader in the Egyptian leasing sector. BDC also offers exclusive access to COMESA markets through its Ugandan subsidiary, Cairo International Bank (CIB) Uganda.
Temenos AG (SIX: TEMN), headquartered in Geneva, is the world’s leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 firms across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic front office and core banking, payments, fund management and wealth management software products enabling banks to deliver consistent, frictionless customer journeys and gain operational excellence. Temenos customers are proven to be more profitable than their peers: over a seven-year period, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications. For more information please visit www.temenos.com.
Temenos Global Public Relations
Tel: +1 610 232 2793
Email : firstname.lastname@example.org
Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
About Business Wire
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
MYPINPAD The World’s First to Achieve PCI Accreditation for Contactless Payments on Mobile and Tablet14.7.2020 01:01:00 CEST | Press release
MYPINPAD, the global leader in secure personal authentication solutions is the first company in the world to achieve Payment Card Industry (PCI) Security Standards Council (SSC) certification for its Android software-based Contactless Payments on Commercial off-the-shelf (CPoC) solution, enabling contactless payments on smart devices. As the first solution globally certified to accept contactless payments on these devices without requiring additional hardware, this significant step accelerates unparalleled possibilities in customer experience innovation for merchants and other businesses in the payments chain. Accreditation for MYPINPAD’s contactless payment solution follows the company’s recent PCI SSC SPoC certification for its software only PIN Entry solution for iOS and Android (PIN on mobile), also a global first. The combined capability of tap and PIN on smart mobile devices means a 100 percent software-based payments future. It enables all merchants globally to democratise payme
Emirates Mars Mission Announces the Live Stream Link to the Launch of the "Hope Probe"13.7.2020 22:55:00 CEST | Press release
The Emirates Mars Mission has announced the link to watch the live streaming of the launch of the "Hope Probe", starting at midnight UAE Time [20:00 GMT] on Tuesday 14 July, on www.emm.ae/live This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200713005675/en/ The Hope Probe (Photo: AETOSWire) The link provides an opportunity for everyone to witness this historic event, which is the first interplanetary mission from the Arab World. The probe is being launched from the Tanegashima Space Center in Japan at 00:51:27 UAE Time on 15 July [20:51 GMT on 14July], marking an important milestone as part of the promising Emirati project to explore the Red Planet. The launch is the culmination of efforts of a large team of young Emirati cadres, comprising 200 engineers, experts and researchers, who over the past six years have prepared for this moment and ensured that all scientific and logistical preparations to control the Probe mission w
Ergomotion is Prepared for the Accelerated Growth Surge in the Adjustable Bed Base Category13.7.2020 22:29:00 CEST | Press release
Ergomotion, the largest manufacturer of adjustable bases worldwide, is prepared for the accelerated growth in the furniture and mattress industry. As the rest of the world was dealing with the expanding pandemic, Ergomotion was learning from their parent company Keeson Technology, in China. Located in the first country to experience COVID-19, Keeson was uniquely positioned to provide valuable insight to how partners and consumers would react to the unexpected crisis in other parts of the world. Additionally, they were able to re-open quickly following the extended Chinese New Year holiday which limited supply disruptions. “Treating our customers as partners and looking at our shared business from their perspective has been a focus of Ergomotion’s in a time where uncertainty is prevalent,” says Johnny Griggs, Chief Operating Officer at Ergomotion. The Ergomotion team is preparedto build on current relationships within the industry and provide support through the pandemic with a better u
Bentley Systems’ Acceleration Fund Announces Launch of The Cohesive Companies, Advancing Infrastructure Digital Twins to Improve Asset Performance13.7.2020 16:01:00 CEST | Press release
Bentley Systems, Incorporated, a leading global provider of comprehensive software and digital twins services for advancing the design, construction, and operations of infrastructure, today announced that its Acceleration Fund has launched The Cohesive Companies, a wholly owned subsidiary, anchored by the acquisition of Atlanta-based Cohesive Solutions. The new business venture will include the services team from Bentley’s AssetWise business and the offerings of Bentley, Cohesive, and IBM’s Maximo to support the digital transformation of infrastructure owner-operators. The Cohesive Companies will act as a digital integrator to help infrastructure asset owners upgrade their enterprise environments to leverage digital twins—digital representations and simulations of a physical asset, synchronizing digital context (current existing conditions), digital components (engineering content), and digital chronology (lifecycle change management). Infrastructure digital twins can empower asset ope
Project Management Institute Announces List of 50 Next Generation Leaders to Watch13.7.2020 15:00:00 CEST | Press release
Project Management Institute (PMI) today announced its first annual Future 50 list, which features the 50 next generation leaders that are creating, building, and transforming the world through notable projects. The 50 young standout project leaders highlighted in the specially dedicated July/August issue of https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.pmnetwork-digital.com%2Fpmnetwork%2Fjuly_august_2020&esheet=52248039&newsitemid=20200713005075&lan=en-US&anchor=PM+Network%26%23174%3B+magazine&index=1&md5=b87a3fa432ccbcdd2816b3ede58c905c PM Network® magazine represent the wave of change and talent around the globe—a youthquake that will reshape the future and accelerate innovation in the here and now. Honorees include groundbreaking achievements from people across a variety of industries and countries, including Director Greta Gerwig, Laura Jones from the Special Olympics and Miishe Addy from Jetstream Africa. This press release features multimedia. View the fu
Rimini Street Appoints Gerard Brossard as COO13.7.2020 15:00:00 CEST | Press release
Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced the appointment of Gerard Brossard to the newly created role of executive vice president and chief operating officer (COO). Brossard is responsible for Rimini Street’s global field operations and the global sales and success of the Company’s Support and Application Management Services for Oracle and SAP products. Brossard reports directly to Rimini Street CEO, Seth A. Ravin. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200713005192/en/ Rimini Street Appoints Gerard Brossard as COO (Photo: Business Wire) New COO Brings Proven Capabilities to Support Accelerating Company Growth Prior to joining Rimini Street, Brossard served as executive vice president and general manager of Rackspace’s Global Solutions and S