Commercial Bank of Ethiopia (CBE) has selected Temenos, a Switzerland-based provider of integrated modular core banking systems, to transform its entire operational infrastructure across more than 200 branches.
CBE will replace seven systems with Temenos T24 (T24), including its Misys Bankmaster legacy platform and interfacing systems covering financial message and local money transfer, trade service and card banking.
CBE will also deploy Temenos AML (AML) to screen all payments and transactions for sanctions, prohibition of business activity and anti terrorist financing in accordance with government mandates to drive risk management and compliance practices across the country, according to Temenos.
This deal marks the launch of Temenos ARC Mobile (ARC Mobile), as Temenos’ first adopter of the solution following its acquisition of mobile banking provider FE Mobile. ARC Mobile will provide CBE with multi channel mobile capability to penetrate the unbanked market by offering mobile banking services with advanced cash management capabilities including SMS alerts, interactive SMS and XHTML browser.
Ato Bekalu Zeleke, president of Commercial Bank of Ethiopia, said: “Temenos’ software delivers all the functionality and efficiencies we need to match a world class commercial bank. Its dedicated investment in product development to continually meet the needs of its clients and their customers was a very compelling proposition for us.
“The lack of flexibility and homogeneity in our current systems impacts product innovation, service delivery, risk management and cost control. Being able to replace all systems with T24 will deliver a single view of the business and customer and therefore provide a better understanding of our customers to improve services, enable us to effectively monitor and manage risk and lower our total cost of ownership.”