The National Bank of Iraq announces the success of working with the global “Temenos” systems in compliance with the Central Bank - 3/27/2024

[ronscarpa]

The National Bank of Iraq announces the success of working with the global “Temenos” systems in compliance with the Central Bank

EconomyCentral BankNational Bank Of IraqTemenos Systems

 

2024-03-27 // 03:41

 

Shafaq News / The National Bank of Iraq announced, on Wednesday, the success of its new banking system based on the global “Temenos” company’s systems (Temenos - T24), which is considered the most important banking system, in addition to the launch of its developed application on mobile phones (Mobile Banking), pointing out that the system It will contribute to enhancing compliance with international standards and the requirements of the Central Bank of Iraq, which enhances the transparency and security of banking operations. 

 

The bank said in a statement received by Shafaq News Agency, “Our new banking system, which was launched at the beginning of this year, will contribute to improving the efficiency of operations, which reduces the time and effort spent on completing transactions and enhances their accuracy. The system allows customers to carry out various banking transactions via the Internet or Through the mobile application, such as transferring money, paying bills, and requesting banking products,” he pointed out that “the system will also contribute to enhancing compliance with international standards and the requirements of the Central Bank of Iraq, which enhances transparency and security in banking operations.” 

 

On the other hand, the bank explained in its statement, “The new mobile application features an easy-to-use interface, and is considered one of the most important components of the National Bank of Iraq’s digital transformation journey, as it provides customers with a wide range of banking services, such as: account management in terms of viewing their account balances, “And their transactions, transferring money, paying bills, and knowing their loan deductions, in addition to the possibility of linking the account to credit cards, while many services will soon be available, most notably: opening accounts through the application and the ability to transfer via Western Union, in addition to many diverse digital services.”  

 

He explained, "This step will consolidate the position of the National Bank of Iraq as a major player in the Iraqi banking sector, thanks to enabling it to provide unprecedented digital banking services and solutions that meet the advanced and growing needs of its individual and corporate clients, in their various sectors and sizes, whether large companies or small and medium companies, which gives them Added Value". 

 

The authorized director of the National Bank of Iraq, Ayman Abu Dhaim, confirmed that “this project is consistent with the vision of the Central Bank of Iraq in supporting the banking sector and making it modern and efficient,” noting that “the bank’s investment in advanced technology not only ensures compliance with the regulations of the Central Bank of Iraq, but also It also paves the way for the future of innovation and digital excellence.”

 

Abu Dhaim pointed out the "unprecedented demand for the mobile application, which was downloaded by 40,000 customers in the first two days of its launch." 

 

Abu Dhaim expressed his “thanks to the technical team that implemented the project in record time, and expressed his appreciation to Temenos International, the provider of the T24 basic banking system, and ITSS, a leader in the field of information technology specializing in providing an integrated software package to meet the multiple needs of all types and sizes of companies.” . 

 

In turn, the Chief Operating Officer of the National Bank of Iraq, Aqeel Ezz Al-Din, pointed out the positive impact of the new system on the bank’s performance, stressing that “the bank is working to keep pace with development and technology and establish new standards in the Iraqi banking market.” 

 

It is worth noting that the National Bank of Iraq, with a capital of 300 billion Iraqi dinars, or the equivalent of 229 million US dollars, topped the list of banks operating in the Iraqi market at various levels. It is considered the best private bank in Iraq in terms of growth (assets, facilities and deposits), and has won multiple international and local awards for its role in supporting and encouraging investment in Iraq, and as the fastest growing in the field of retail trade and localization of salaries for the public and private sectors, and it is the best commercial bank in Iraq. It won the Iraqi Stock Exchange Award for its role in supporting and encouraging investment in Iraq 2021. It was also rated by the largest international financial institutions Capital Intelligence (BB) and by Moody's (B3) and rated by the Central Bank of Iraq (very good).

 

The bank's total assets amount to about $2.8 billion, supported by a growth in customer deposits of about 91%, while the bank has a growing customer base that today has reached about 200,000 customers who are served through more than 1,000 employees, 30 branches, and 200 ATMs in all major Iraqi cities, in addition to Branch in the Kingdom of Saudi Arabia.

https://www.shafaq.com/ar/اقتصـاد/المصرف-ال-هلي-العراقي-يعلن-نجاح-العمل-ب-نظمة-تيمينوس-العالمية-امتثالا-للبنك-المركزي

[Laid Back]

 

 

Temenos;

We were founded in 1993 and set on a mission to revolutionize banking. Since then, our community of customers, partners, influencers, and employees has grown. Back in 2002, we celebrated signing our 300th client, and today we serve 3000 customers. Two-thirds of the world’s top 1,000 banks and 70+ challenger banks in more than 150 countries rely on our technology.

Our open platform enables over 1.2 billion people to carry out their daily banking needs. That’s 30% of the world’s banking population.

Banking providers – big and small, traditional and new – use our platform to build new services and state-of-the-art customer experiences through highly personalized and AI-supported user journeys.

We constantly innovate to combine rich, out-of-the-box functionality with cutting-edge technology. Our single code base means every dollar we invest benefits all our customers. We help our clients create new growth opportunities, drive efficiencies at scale and achieve cost-to-income ratios at half the industry average. We do this by offering open, composable, cloud-based banking services at a fraction of the cost of legacy systems.

 

I see Progress…

 

Go banking system 

Go Open market economy 

Go Stronger Dinar
 

 

[NWGUY]

Another box checked!  

[southbeach]

Geneva Switzerland 

[southbeach]

29 minutes ago, southbeach said:

Geneva Switzerland 

……banking software.

[screwball]

National bank of Iraq, Bank of Baghdad, Gulf bank and Commercial Bank of Iraq are all excellent choices! If you are thinking of investing in Iraq and banking stocks…remember this prior to the gulf war some of these stocks including warka (yeah I know!) all traded at over 70$ usd per share! Now 1/10th of a penny? 

Edited March 29 by screwball