Bank of Beirut UK Transitions to Temenos Core Banking Platform
The UK branch of the Bank of Beirut has successfully transitioned to the Temenos Core Banking and Payments platform. This significant move, which took just over 15 months to complete, sees the bank leave behind its previous system. The implementation of the new platform was carried out in partnership with LTIMindtree, a Temenos delivery partner.
Enhanced Banking Services
The implementation of the Temenos Core Banking system places Bank of Beirut UK in a position to provide a comprehensive range of retail, commercial, and deposit products. The platform also supports enhanced trade finance services. This upgrade is particularly beneficial for businesses engaged in cross-border activity.
Improved Customer Experience
According to Bank of Beirut UK CEO Sophoklis Argyrou, the migration from the legacy system to the modern core banking and payments platform by Temenos will allow the bank to scale its trade finance business. It will also strengthen both its corporate and retail banking proposition.
Argyrou further added that the bank can now offer a broader portfolio of products and deliver superior customer experiences with greater speed and efficiency. Furthermore, this system upgrade brings Bank of Beirut UK’s operations in line with those of its parent institution, Bank of Beirut in Lebanon.
Unified Technological Foundation
Both the parent and UK branches of the Bank of Beirut now share a unified technological foundation. This uniformity is expected to streamline processes, lower operational costs, and speed up time-to-market for new offerings.
Mark Yamin-Ali, Temenos Europe managing director, has expressed satisfaction with the successful go-live. He stated that it highlights Temenos’ unique strength to deliver comprehensive, regionalised solutions on a unified platform. This helps banks in multiple markets to innovate and grow. He added that they were proud to welcome Bank of Beirut UK as a new Temenos client in Europe and to build on their long-standing relationship with the Bank of Beirut.
Successful Implementations
Earlier this month, the Bahrain-based Bank ABC completed the migration of ila Bank, its digital subsidiary, to the Temenos platform hosted on Amazon Web Services. The success of these transitions demonstrates the effectiveness of the Temenos platform in enhancing banking services and improving customer experience.
By successfully transitioning to the Temenos platform, Bank of Beirut UK has demonstrated its commitment to providing superior banking services. This move signals a new era of growth and innovation for the bank and its customers.
Source: Here
