ADCB Egypt has expanded its partnership with Temenos for composable banking using
Temenos open platform. ADCB Egypt an integral part of Abu Dhabi Commercial Bank (ADCB) Group and was incepted in 2020 and is regarded as the third-largest bank in UAE. ADCB Egypt delivers revolutionary banking solutions and leads the digitization revolution backed by its expertise of the Group.
Composable banking technology empowers the ability to build modern-day financial experiences. Composability is a system design principle that shows the inter-relationships established between components. An efficient comosable system offers components that can be picked and joined in various combinations to stand on specific user needs. It resolves the challenge one-size-fits-all vendor lock-ins, siloed and monolithic core banking systems.
Ihab ElSewerky, Managing Director & CEO, ADCB-Egypt, stated, “ADCB Egypt is always keen upon embracing the latest technologies and partnering with the best service providers. This new step of our existing collaboration with Temenos will empower the bank’s internal systems as the new instant payments solutions. The technological upgrades will always keep us ahead in offering our customers the best-in-class service quality and comply with regulatory directives. This is also in line with our digital transformation strategy and commitment to being at the forefront of innovation that differentiates our service, delights customers, and meets their growing needs.”
Temenos follows a cloud-native and cloud-agnostic approach when it comes to offering banking services. Temenos open platform is frequently used for composable banking, a banking approach to the design and delivery of banking services based on the rapid and flexible assembly of independent, best-for-purpose systems.
Jean-Paul Mergeai, President – EMEA-APAC, Temenos, commented, “ADCB is leading the way in digital banking in Egypt. With Temenos, it has created a modern, customer-centric digital bank that can innovate fast and deliver outstanding customer experiences. Temenos is the clear market leader with a strong presence in Egypt. Our global expertise combined with local market knowledge will support ADCB as it continues to develop and grow its banking services in Egypt.”
Temenos composable banking will help ADCB Egypt to compose payment offerings for its business and retail consumers as it seeks to follow ISO20022 and SWIFT GPI international standards. With this kind of adoption, the bank will look forward to offering services such as cross-border and instant payments. This partnership will empower the bank to be more flexible and scalable for an instant payment process from local and international within seconds.