Jordan-based Cairo Amman Bank has chosen to replace its legacy banking software system with that provided by Temenos, the Geneva-based financial services technology firm.

Cairo Amman Bank plans to expand both domestically and in overseas markets and chose Tenemos T24 as a robust platform from which to drive its growth. With the implementation of T24 all the bank’s operations are integrated on a single platform, and by replacing five systems with T24, the bank said its total cost of ownership will be reduced by around 50 per cent.

Cairo Amman Bank said its previous use of several different systems had obscured a single view of the business and reliance on multiple systems had slowed business critical processes. As part of its move towards integration, the bank also implemented Temenos Insight - a business intelligence suite - to automate the production of management reports along with T24.

“We needed an end to end, 24/7, advanced and robust core banking system that would help us realise our product innovation plans and associated growth potential; T24 was the obvious choice. Furthermore the Insight product will transform the way we do business, enabling us to execute strategies based on up to date, accurate intelligence on customer trends, performance, profitability and risk,” said Kamal Bakri, general manager of Cairo Amman Bank.

“We will now be able to deliver the right products to customers at the time they need it most, effectively allocate resources and remain fully compliant with local and international regulations to deliver cutting edge performance in a competitive market."

Temenos’ deal with Cairo Amman Bank is its second Misys replacement in Jordan in less than four months; Capital Bank of Jordan chose T24 to replace Misys Bankmaster in June.