Invest Bank, a premier commercial bank in UAE, has selected Temenos (SIX: TEMN) to take its digital and core banking to the cloud, in partnership with NdcTechInvest Bank will adopt an end-to-end retail and wholesale banking solution on the Temenos Banking Cloud, becoming one of the first in the UAE to adopt a full SaaS model for its digital and core banking platform.
The front-to-back capabilities of Infinity and Transact delivered as SaaS on Temenos’ open platform for composable banking will enable Invest Bank to modernize legacy platforms, bring new products and services to market faster, as well as deliver more innovative customer experiences. Planned enhancements include instant onboarding and origination with automated approvals based on AI-based rules.
The bank will also use the Temenos platform to improve operational efficiency with increased automation and digitized workflows.
Established in 1975 as a public shareholding company, Invest Bank offers a wide range of financial products and services for corporate as well as retail banking. NdcTech’s expertise on Temenos’ modern platform on the cloud, accelerators of UAE regulatory and market practices, microservices and open API capabilities will help Invest Bank in its digital transformation.
The Cloud will provide elasticity to Invest Bank to meet growing customer demand, especially Gen-Z and millennials. Invest Bank intends to leverage Temenos’ event-driven open-API architecture and extensibility framework to go beyond banking and create a lifestyle services platform.Ammara Masood, CEO and President, NdcTech, said: “Our Project accelerators such as Country layer and expertise on Temenos Transact and Infinity on the cloud make us the right partner for this transformational engagement.