Leading Libyan Bank Chooses Temenos to Accelerate Digital Transformation

Temenos (SIX: TEMN), the banking software company, today announced that Assaray Trade and Investment Bank (ATIB) has selected Temenos Infinity and Temenos Transact to power its digital transformation. Temenos’ cloud-native, cloud-agnostic banking platform will enable the bank to quickly launch new digital products for retail and corporate banking and improve the customer experience.

ATIB has been a fixture in Libyan banking for over 20 years. It is recognized as one of the most structured and advanced banks in the country, delivering financial services to more than 50,000 customers nationwide. ATIB selected Temenos’ technologically advanced and functionally rich platform to replace its legacy core banking system and accelerate its digital transformation. Temenos’ packaged and upgradeable software will deliver operational efficiencies and improve ATIB’s cost/income ratio, supporting the bank’s growth.

Temenos Model Bank and award winning Temenos Islamic Banking solution will help ATIB dramatically reduce the time taken to deploy the new digital banking platform. Temenos model bank approach also brings preconfigured country-specific functionality to help ATIB meet evolving regulatory requirements and business practices in an efficient and cost-effective way.

Farouk Laabidi, General Manger, ATIB, commented: “Temenos’ track record for delivering class-leading software and its extensive presence in the Middle East made it the obvious partner for this ambitious project. Deploying Temenos’ cloud-native, cloud-agnostic technology will allow us to benefit from rapid ROI and reap the benefits of remarkable efficiency gains and cost savings. Temenos technology will help us innovate at speed, and deliver enhanced digital banking products and better experiences to our customers. This partnership marks a significant step forward in our journey towards digitalization and, most importantly, means we are better able to meet the evolving needs of our customers.”

Jean-Paul Mergeai, Managing Director, Middle East & Africa, said: “We are proud to partner with ATIB as they make this significant investment in digital banking technology and move towards a more customer-centric banking model. Together, Temenos Infinity and Temenos Transact will drive simplicity and efficiency and help to reduce the bank’s operating costs. Furthermore, Temenos’ multi award-winning Islamic Banking solution and Model Bank approach will ensure the fastest timeframe for delivery so that ATIB can quickly realize the benefits of its new end to end digital platform.”