GENEVA, Switzerland – Temenos (SIX: TEMN), the banking software company, today announced that Assaray Trade and Investment Bank (ATIB) has selected Temenos Infinity and Temenos Transact to power its digital transformation. Temenos’ cloud-native, cloud-agnostic banking platform will enable the bank to quickly launch new digital products for retail and corporate banking and improve the customer experience.
ATIB has been a fixture in Libyan banking for over 20 years. It is recognized as one of the most structured and advanced banks in the country, delivering financial services to more than 50,000 customers nationwide. ATIB selected Temenos’ technologically advanced and functionally rich platform to replace its legacy core banking system and accelerate its digital transformation. Temenos’ packaged and upgradeable software will deliver operational efficiencies and improve ATIB’s cost/income ratio, supporting the bank’s growth.
Temenos Model Bank and award winning Temenos Islamic Banking solution will help ATIB dramatically reduce the time taken to deploy the new digital banking platform. Temenos model bank approach also brings preconfigured country-specific functionality to help ATIB meet evolving regulatory requirements and business practices in an efficient and cost-effective way.
Farouk Laabidi, General Manger, ATIB, commented: “Temenos’ track record for delivering class-leading software and its extensive presence in the Middle East made it the obvious partner for this ambitious project. Deploying Temenos’ cloud-native, cloud-agnostic technology will allow us to benefit from rapid ROI and reap the benefits of remarkable efficiency gains and cost savings. Temenos technology will help us innovate at speed, and deliver enhanced digital banking products and better experiences to our customers. This partnership marks a significant step forward in our journey towards digitalization and, most importantly, means we are better able to meet the evolving needs of our customers.”
Jean-Paul Mergeai, Managing Director, Middle East & Africa, said: “We are proud to partner with ATIB as they make this significant investment in digital banking technology and move towards a more customer-centric banking model. Together, Temenos Infinity and Temenos Transact will drive simplicity and efficiency and help to reduce the bank’s operating costs. Furthermore, Temenos’ multi award-winning Islamic Banking solution and Model Bank approach will ensure the fastest timeframe for delivery so that ATIB can quickly realize the benefits of its new end to end digital platform.”
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About Assaray Trade and Investment Bank
ATIB was established in 1997 as a Libyan banking institution under the name of "Al-Ahli Bank of Tripoli". In 2007, the bank turned to a Libyan joint-stock company with new management under the name "Assaray Trade and Investment Bank" (ATIB).
ATIB is always looking to provide high-quality services to its customers and partners, with modern and fast methods among the best international banking practices and financial services. ATIB goes through the implementation of a customer-centric approach based on the latest new technologies and innovations. By 2019, ATIB started using Biometrics on the fly for enrolling customers through a MorphoTablet powered by IDEMIA. To be a leading bank in Libya and North Africa region in terms of using the latest technologies and solutions, with a bigger plan for digital transformation for the foreseeable future.
For more details, please visit: atib.ly
About Temenos
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.temenos.com.
Media Contacts
Jessica Wolfe & Grace Collins
Temenos Global Public Relations
Tel: +1 610 232 2793 & + 44 20 7423 3969
Email : press@temenos.com
Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
Email: allnewgatetemenos@newgatecomms.com
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