BankMuscat rolls out core system

BankMuscat has signed an agreement with Temenos to introduce a new state-of-the-art core banking system based on Temenos T24.

The application suite will manage the bank’s entire banking operations and facilitate the business lines to provide fast and effective services.

The major components of the new core banking system are retail banking, corporate banking, finance, operations, branch automation and administration. The new core banking system also promises to offer more efficient and accurate transaction processing and record-keeping, along with efficient information retrieval and reporting.

BankMuscat engaged the services of global technology consultancy firm Gartner Consulting in its search for a new core banking system and undertook a rigorous five-month evaluation and selection process before coming to its decision.

AbdulRazak Ali Issa, chief executive of BankMuscat, said: “BankMuscat has always striven to invest in state-of-the-art technology in its attempts to provide customers with cutting edge and wherever possible, technology enabled products, services and solutions. Our decision to adopt a new Core Banking System is a significant step in the same direction, as we are firmly of the belief that world-class technology infrastructure is integral to building customer confidence.”

Temenos T24 is a modern and flexible system that works in a single, on-line, real-time environment. It provides for a high level of integration in the system that has an inherent design emphasis on straight through processing (STP) and parameterised flexibility. Temenos T24 supports XML by default and can be connected to standard industry middleware solutions. This, combined with the Temenos T24 web-based interface, gives an extremely simple and easy to use system.

Jean-Michel Hilsenkopf, EMEA director for Temenos, added: “Temenos is guided by its mission to be the Global Banking Software Standard for banking and financial institutions worldwide and to continue to provide quality people, products and services with a professional and personal touch. We are extremely glad to be partnering BankMuscat, Oman’s leading bank. We do hope and believe that this will be the start of a long and fruitful relationship between our organisations.”

The bank expects the solution to enable it to provide a diversified range of high quality banking products, services and solutions with far greater speed, accuracy and integrity through a wide range of distribution channels.

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