National Bank of Fujairahs successfully gone live with its core banking solution, TEMENOS 24 (T24)
National Bank of Fujairah Goes Live with New Core Banking Solution TEMENOS 24 will enable NBF to quickly introduce new products to the market and further enhance its customer relationships across UAE
National Bank of Fujairah (NBF), a leading Corporate Bank in the United Arab Emirates, has successfully gone live with its new core banking solution, TEMENOS 24 (T24). The new solution from Temenos (SWX: TEMN), a leading provider of integrated core banking systems, will accelerate the growth of NBF's retail banking business and further enhance its customer relationships across the country.
Speaking on the occasion, Asad Ahmed, General Manager of the National Bank of Fujairah said: "The main focus of NBF is to offer best-in-class services to our customers. We believe in investing in the latest and best technologies to ensure that our customers get real-time services and the best banking performance. We chose Temenos T-24 because we were confident that the solution would meet all of our present and future requirements. Also, this solution provided us with the flexibility, scalability and security we were looking for, in addition to a host of functionalities for both retail and corporate customers."
Temenos has been a leading core banking platform provider for more than ten years, with a proven track record of over 590 global banking customers. The T24 platform offers multiple application server support and is the only system available with no end-of day batch processing, so can genuinely boast of providing real-time 24/7 non-stop banking. It covers a number of corporate and retail banking functions ranging from assets, liability products, treasury and trade finance services, to multiple delivery channels including internet banking, ATM and Mobile Banking.
Mr. Jean-Michel Hilsenkopf, EMEA Director for Temenos, said: "Today, core system replacement is one of the top priorities of many large banking institutions worldwide, because of the inadequacy of current systems to provide a platform for growth and expansion plans. NBF is a prime example of this.
"The knowledge that we have gained through hundreds of successful projects not only in this region but across the globe, has enabled us to give true value-added advice and support to the bank. The choice of T24 by one of the UAE's largest Corporate banks demonstrates the flexibility and comprehensive functionality of our product, including its ability to accommodate the Sharia banking principles without modification. We are very confident that NBF and its customers will be satisfied with T24's functionality."
US based Cedar Consulting, a leading management and IT consulting firm which had earlier assisted the Bank team in the selection of T24 application had also program managed the implementation of the system.
V. Ramkumar, Director with Cedar Management Consulting said, "Effective Business-IT alignment is critical to deliver business value through any IT transformation. We are confident that Cedar's rich understanding of NBF's business strategy and significant experience in implementing core banking solutions in the region will reflect in the long term value delivered to NBF and its customers through this strategic implementation"
Temenos consistently ranks among the leading core banking providers, and has appeared in the top two positions of the International Banking Systems sales league table for six of the last seven years.
About National Bank of Fujairah
National Bank of Fujairah was established in 1982 in the Emirate of Fujairah. Its key shareholders include the government of Fujairah (39%) and the government of Dubai (10%) with a network of 11 branches. It is primarily a corporate bank with strong trade finance expertise, some retail banking activities and growing businesses in investment services and SME financing. National Bank of Fujairah intends to deepen its product range over the next few years by selectively expanding its retail banking services while continuing to build its core corporate banking services.
NBF is listed on the Abu Dhabi Securities Market under the symbol 'NBF.'
Founded in 1993, Temenos Group AG is a provider of integrated modular core banking systems to over 590 financial institutions in 110 countries worldwide. Temenos software provides banks with a single, real-time view of the client across the enterprise, enabling banks to maximize returns while streamlining costs. Whether providing 24/7 functionality to the wholesale, retail and private or universal banking sectors, partnering with central banks on core system replacement, or working with the World Bank on solutions for the emerging markets, Temenos knows banking. The company has a transparent approach to its operations and brings to bear its experience, expertise, commitment and professionalism on every project.
Headquartered in Geneva, Switzerland, the company has 43 offices in 133 countries and is listed on the main segment of the SWX Swiss Exchange (TEMN).
Cedar is a global management consulting firm operating in 15 countries, having assisted over 800 clients since 1985.
Its heritage includes being part of former Renaissance Worldwide, whose leadership included the creators of Balanced Scorecard -world's leading strategy deployment and performance management system.