BankMuscat selects new state-of-the-art core banking system

The Core Banking System refers to the application suite that manages a bank's entire banking operations and facilitates the business lines to provide fast and effective banking services. The major components of new core banking system are - retail banking, corporate banking, finance, operations, branch automation and administration. The new core banking system would also assist in far more efficient and accurate transaction processing and record keeping along with efficient information retrieval and reporting.

BankMuscat had engaged the services of global technology consultancy firm, Gartner Consulting in its search for a new core banking system and has gone through a rigorous 5-month evaluation and selection process to finalize its new core banking system.

Speaking on the occasion, AbdulRazak Ali Issa, BankMuscat chief executive 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 parameterized flexibility. TEMENOS T24 supports XML by default and can be connected to standard industry middleware solutions. This combined with TEMENOS T24 web based interface gives an extremely simple and easy to use system.

Also speaking on the occasion, Jean-Michel Hilsenkopf - EMEA Director, Temenos, said:

"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 organizations."

When asked on why the Bank chose to go with TEMENOS 'T24' system, Mr AbdulRazak added:

"The Bank, assisted by Gartner Consultants, carried out a detailed evaluation using Analytical Hierarchy Process (AHP) methodology, to find the system that was best suited to meet the Bank's current and future business plans. Temenos T24 came out as the best choice for the Bank as it is built on the latest technology and also has a wide range of products, including products for Treasury, Investment Trading, etc all of which are fully integrated into the platform."

The new core banking system is also expected to help the Bank take a quantum leap in being 'future-ready' as it is poised to become one of the foremost banks across the GCC region. The TEMENOS T24 system is expected to help the Bank provide a diversified range of high quality banking products, services and solutions to its customers with far greater speed, accuracy and integrity through a wide range of distribution channels for greater customer comfort and convenience.