Egypt-based Midbank has gone live with Temenos’ banking technology suite, comprising Temenos Core, Payments Hub, Financial Crime Mitigation (FCM), and Data Hub.
The new solutions went live via a “big bang” approach, with the legacy systems switched off and the Temenos platform activated in a single transition.
“It was a bold decision, but we were well prepared. Temenos was attentive at the moments that really mattered. They stayed close to the project and showed genuine commitment to our success,” comments Amr El-Garhy, CEO and managing director of Midbank.
Temenos has an established presence in Egypt, with a local office and integration/implementation partners. Its local clients include Arab African International Bank (AAIB), Banque du Caire (BDC), Commercial International Bank (CIB), Housing and Development Bank, and Suez Canal Bank.
In Midbank’s case, ITSS was the implementation partner and DXS assisted with testing.
According to Temenos, the new core banking platform “has already delivered measurable benefits, including reduced transaction processing times, improved operational efficiency, and enhanced customer satisfaction” at Midbank.
It is also gearing up for the launch of digital channels underpinned by Temenos Digital and evaluating AI tools, such as Temenos Product Manager Copilot.
This technology modernisation initiative supports Egypt Vision 2030 and the Central Bank of Egypt’s digital agenda.
The vendor says the bank opted for its solutions following “a comprehensive evaluation process”. The deal was announced in 2021.
Earlier that year, the bank went through a large-scale rebrand, changing its name from Misr Iran Development Bank to Midbank.
Established 50 years ago, it provides retail, corporate, and SME banking services.
Source: https://www.fintechfutures.com/
