ADCB chooses Temenos for next-generation digital payments in Egypt

EGYPT – ADCB Egypt, a subsidiary of Abu Dhabi Commercial Bank Group, has extended its collaboration with Temenos (SIX: TEMN) to offer the next-generation digital payments on Temenos open platform for composable banking.

The bank will compose payment solutions to adopt new global standards such as ISO20022 and SWIFT GPI and power new payment offerings, including instant and cross-border payments, for its retail and business customers.

With Temenos, the bank will benefit from the agility and flexibility to process payments instantly from any channel, local or international, all in real-time.

ADCB Egypt will also compose digital banking solutions with the latest core banking capabilities to streamline and automate its treasury management lifecycle.

ADCB Egypt is always keen upon embracing the latest technologies and partnering with the best service providers,” said Ihab ElSewerky – Managing Director & CEO, ADCB-Egypt.

This new step of our existing collaboration with Temenos will empower the bank’s internal systems as the new instant payments solutions.”

ElSewerky added that the technological upgrades will always keep ADCB ahead in offering its customers the best-in-class service quality and comply with regulatory directives.

This is also in line with the bank’s digital transformation strategy and commitment to being at the forefront of innovation that differentiates its service, delights customers, and meets their growing needs.

Commenting on the extension of the partnership, Jean-Paul Mergeai, President – EMEA-APAC, Temenos, said, “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.”

With this new cooperation, ADCB Egypt will tap into the growing customer demand for cross-border payments, offering instant and frictionless payments, from account to account, anywhere in the world.

Temenos Payments on Temenos open platform will also enable the bank to automate its front, middle and back-office functions.

The bank has seen rapid take-up in its first year and was recognized as “the fastest growing digital bank” and awarded the Best Digital Transformation Program and Outstanding IT Transformation.

Temenos Payments is a comprehensive platform for efficient payment execution and distribution – removing the need for a different system for different payment business types or payment rails.

The platform will enable ADCB Egypt to continue to enhance the digital customer experience with new payment products, such as instant payments and request-to-pay, quickly and at a low cost.

Temenos Payments is API-enabled and compliant with ISO20022 messaging standards and business flows.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals, and insights from Africa’s business, economy, and more. SUBSCRIBE HERE

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.