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ADCB Egypt Partners with Temenos to Broaden Digital Payments

Okunloye Abiodun Segun by Okunloye Abiodun Segun
June 3, 2022
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ADCB Egypt Partners with Temenos to Broaden Digital Payments
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ADCB-Egypt and Temenos have formed a partnership to provide more mechanized payment solutions for embedded banking.

According to Termenos’s blog post, the partnership between ADCB Egypt, a subsidiary of Abu Dhabi Commercial Bank Group, the UAE’s third-largest bank and Temenos is to provide next-generation digital payments through Temenos’ open platform for composable banking.

 

More On ADCB-Egypt and Termenos Partnership

For its retail and commercial customers, the bank plans to implement new payment solutions, such as ISO20022 and SWIFT GPI, which will allow it to power new payment offers, including instant and cross-border payments. Paying customers can use any local or international channel to make a payment with Temenos’ real-time, real-channel processing capabilities.

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Managing Director and CEO, ADCB-Egypt – Ihab ElSewerky stated “ADCB Egypt is always keen upon embracing the latest technologies and partnering with the best service providers. This new step of our existing collaboration with Temenos will empower the bank’s internal systems as the new instant payments solutions.

 

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The technological upgrades will always keep us ahead in offering our customers the best-in-class service quality and compliance with regulatory directives. This is also in line with our digital transformation strategy and commitment to being at the forefront of innovation that differentiates our service, delights customers, and meets their growing needs.”

Furthermore, the digital banking solutions will also be used to streamline and automate ADCB Egypt’s treasury management process.

Jean-Paul Mergeai, President – EMEA-APAC, Temenos, also affirmed that “ADCB is leading the way in digital banking in Egypt. With Temenos, it has created a modern, customer-centric digital bank that can innovate fast and deliver outstanding customer experiences. Temenos is the clear market leader with a strong presence in Egypt.

Our global expertise combined with local market knowledge will support ADCB as it continues to develop and grow its banking services in Egypt.”

 

The New Phase for ADCB

When it comes to international payments, ADCB-new Egypt’s partnership will allow it to tap into growing customer demand for rapid and seamless payments from one account to another anywhere in the world. Additionally, the bank will be able to automate its front, middle, and back-office processes with Temenos Payments on the Temenos open platform.

In its first year of operation, the bank was recognized as “the fastest-growing digital bank” and did receive the Best Digital Transformation Program and Outstanding IT Transformation for its rapid adoption of new technologies. Today, digital transactions account for more than half of all bank customer transactions.

 

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Moreover, Temenos affirmed that their Payments is a comprehensive platform for efficient payment execution and distribution – removing the need for a different system for different payment business types or payment rails.

The platform will enable ADCB Egypt to continue to enhance the digital customer experience with new payment products, such as instant payments and request-to-pay, quickly and at a low cost. Temenos Payments is API-enabled and compliant with ISO20022 messaging standards and business flows.

Tags: ADCB Egypt
Okunloye Abiodun Segun

Okunloye Abiodun Segun

A vibrant writer saddled with the chore of Informing the world with words.

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