- Core Banking Revamp:
- The National Bank of Iraq (NBI) and Capital Bank of Jordan have chosen Swiss vendor Temenos for a comprehensive core banking system upgrade.
- Selected Solution:
- The selected solution is Temenos Transact, a cloud-based core banking offering by Temenos, providing functionalities for retail, corporate, treasury, wealth, and payments.
- Enterprise Payments Platform:
- NBI has also opted for Temenos Payment Hub, Temenos’ enterprise payments platform, to replace its current legacy systems, indicating a comprehensive technological transformation.
- Vendor’s Regional Partner:
- The integrations were facilitated by ITSS, a regional partner of Temenos, overseeing the successful implementation of the core banking revamp.
- Ownership Connection:
- Capital Bank of Jordan has maintained a majority share of 61.85% in NBI since 2005, making it the sole Jordanian bank operating in Iraq.
- Digital Transformation Initiatives:
- Capital Bank of Jordan, before the core banking revamp, engaged in various digital transformation initiatives, including a partnership with Codebase Technologies for a new mobile banking app in November 2022.
- Acquisition Strategy:
- In late 2020, Capital Bank of Jordan reinforced its position by acquiring assets and liabilities, including operations in Jordan and Iraq, from Lebanon’s Bank Audi Group.
- Expansion of Tech Overhaul:
- Joining other financial institutions globally, NBI and Capital Bank of Jordan now align with Qatar’s Lesha Bank, Sudan’s Africa and Gulf Bank, Vietnam’s LPBank, and Finland’s Aktia Bank, among others, in choosing Temenos for a comprehensive technological overhaul.
This summary captures the key points, highlighting the selection of Temenos for core banking upgrades by NBI and Capital Bank of Jordan, emphasizing the vendor’s solutions and the broader context of digital transformation initiatives and acquisitions in the banking sector.
