CAIRO, Egypt – Temenos (SIX: TEMN), the software specialist for banking and finance, today announces that Banque du Caire has selected Temenos T24 Core Banking as part of its vision in becoming the region’s leading bank. Banque du Caire has chosen Temenos leading T24 Core Banking solution to replace its current solution. T24 will be deployed along with Temenos solutions for Channels, Financial Crime Mitigation, Front Office, Payments, and Risk & Compliance. With this comprehensive technology upgrade, Banque du Caire will be empowered to not only realise its growth strategy in a cost effective way, but also to bring cutting-edge banking services to its 2.7 million customers in Egypt.
With accelerated time to market for new products and an enhanced user experience across channels and devices, this signing cements Banque Du Caire’s commitment to providing the products and services that the Egyptian public needs. Banque du Caire is a multi-award winning, full-service bank that provides a complete array of products and services to the retail and corporate markets. The bank plays an effective role in financing vital sectors of the national economy through participating in the syndicated loans serving different sectors, as well as in financing SMEs and Microfinance projects. By implementing Temenos proven and upgradeable software, Banque du Caire continues to ensure that the 10,000,000 million transactions processed monthly are fast, secure, and compliant, as well as providing world-class products and services to consumers and small business owners across Egypt.
Tarek Fayed, Chairman and CEO, Banque du Caire, commented: “Banque du Caire is capitalizing on its strong positioning in the market to accelerate its growth levels in the coming years. The partnership with Temenos will help the bank in achieving its objectives by upgrading its technological platform in attempt to introduce up-to-date digital financial services. Collaborating with Fintech solutions through open banking that goes in line with the CBE endeavors to develop and support the country's financial inclusion strategy providing the latest global standards in such field. BDC digital financial solutions will bring to our customers a highly responsive service, tailored products and a truly customer-centric experience.”
Jean-Paul Mergeai, Regional Director – MEA, Temenos, stated: “Temenos is excited to have been chosen by Banque du Caire as one of their primary technology partners to expand through innovation and operational excellence, and to transform the bank from a product-centric to a customer-centric model. This strategy aligns perfectly with Temenos’ vision which has enabled us to develop a packaged, upgradable and innovative core banking platform which is used by more than 1000 financial institutions globally.”
Temenos Group AG (SIX: TEMN), headquartered in Geneva, is a market leading software provider, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 2,000 firms across the globe, including 41 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers. Temenos customers are proven to be more profitable than their peers: over a seven-year period, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications.
For more information please visit www.temenos.com.
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About Banque du Caire
Founded in 1952, Banque du Caire was established as a shareholding company providing a significant contribution to the national economy. The bank is considered one of the top banks among both the private and public sector banks in Egypt. The bank comes as the 3rd bank in terms of business portfolio, number of branches and customer base.
As part of the bank's endeavors to support the national economy, Banque du Caire consistently offers its clients a full range of value-generating products and services customized to their needs, expands its branches and ATMs network to reach 239 branches and banking units backed up with 680 ATMs in order to reach more than 3.8 million customers, in addition to its outstanding performance capturing a significant market share.
For more information, please visit: www.banqueducaire.com
© Press Release 2018