Banque du Caire in core banking tech revamp with Temenos T24
Temenos gains new core banking tech client in Egypt
Banque du Caire, a state-owned bank in Egypt with 2.7 million clients, is replacing its legacy tech with a suite of front-to-back solutions from Temenos.
The bank will implement the vendor’s flagship core banking system, T24; Temenos Connect for digital banking (front-office); and tools for financial crime mitigation, payments, risk and compliance.
On the way out is Oracle FSS’s Flexcube core banking system, which the bank has been using for many years, FinTech Futures understands.
The new software will support Banque de Caire’s retail and corporate banking operations.
Tarek Fayed, chairman and CEO of Banque du Caire, says working 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”.
Temenos already has a number of long-standing customers in Egypt, including Commercial Bank of Egypt and Suez Canal Bank. Among newer T24 takers are Arab African International Bank (a 2015 deal) and Housing and Development Bank (a 2014 deal).
