Temenos signs agreement with NdcTech to bring ‘Country Bank Model’ to seven Middle Eastern countries
Global open platform Temenos has granted license rights to NdcTech, which is one of its largest regional system integrators partners, to expand the market reach of ‘Temenos Country Model Banks’ in seven Middle Eastern countries.
Through the partnership, financial institutions in Bahrain, Kuwait, Oman, Pakistan, Qatar, Saudi Arabia and UAE will benefit from Temenos’ banking platform and NdcTech’s regional expertise to offer ‘Country Model Bank’ functionality in these countries.
Temenos Country Model Banks provides regional functionality using its “packaged model bank framework to go-live faster”, according to a description on the Temenos website.
Not only will NdcTech invest and develop regulatory and business-specific localised functionality to enhance these ‘Model Banks’ in the seven countries, as part of the agreement with Temenos it will also become a trusted partner for upgrade services in those countries, enabling customers to upgrade their technology stack and offer them a “modernisation path” to a Software-as-a-Service (SaaS) model on the Temenos Banking Cloud.
Among Temenos’ existing clients in the Middle East are Al-Rajhi Bank, First Abu Dhabi Bank and stc pay.
William Moroney, managing director, Middle East and Africa at Temenos, said: “We are excited to announce this agreement with NdcTech, which expands our addressable market and opens new opportunities for growth in these seven countries in the Middle East.
“NdcTech will invest in the Country Model Banks to accelerate our competitiveness in the region by delivering local IP, such as market-specific products. With these partnerships we bring additional investment in our platform and scale in specific countries which, ultimately, delivers incremental growth.”
Temenos said that, by enabling partners to develop new country models, it is able to build new model banks rapidly, which are compatible with the banking services on Temenos’ composable platform and available for instant deployment on Temenos Banking Cloud.
Ammara Masood, CEO of NdcTech, added that the agreement is “testament to our capabilities as a long-standing partner of Temenos”.
“Our deep knowledge of global market practices and regulations, coupled with expertise in modern architectures has enabled us to be the trusted partner for the region’s pioneering banks,” Masood said.
“This region is full of potential, and now we are not only driven but also equipped to extend our footprint by collaborating with leading banks in this space.”
NdcTech is a wholly-owned subsidiary of consulting company Systems, which helps banks and financial institutions to accelerate their digital transformations.