The National Bank of Iraq has gone live with Temenos core banking and payments, aiming to develop new products faster and optimise the customer experience. Following this announcement, the National Bank of Iraq (NBI), which is a part of the Capital Bank Group, has successfully launched Temenos core banking and payments.

This integration will focus on meeting the needs, preferences, and demands of customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry. More information on the partnership The National Bank of Iraq will continue to provide a comprehensive and secure range of solutions to customers, individuals, and businesses in the country. The new integration enabled the financial institution to move from its legacy systems onto the same core banking platforms as the other entities in the Capital Bank Group.

The initiative is expected to enable NBI to operate more efficiently and securely, while also integrating with other systems in order to develop and launch new products faster. In addition, the financial institution will also prioritise the process of improving customer experience. At the same time, NBI will also become the first part of the group to adopt the Temenos Payments solution, which is expected to enable the bank to process more than 100.000 transactions of incoming and outgoing domestic, local, and international payments in its first 15 days of operations.

The transaction period was completed in under 12 months by leveraging Temenos’ pre-configured banking and payments capabilities, as well as its APIs, which were used to reduce the need for complex customisations. The National Bank of Iraq will be given the possibility to access business agility, a modern technology platform, and the possibility to deploy fast with the use of pre-configured banking capabilities. The financial institutions are expected to focus on the overall development of sustainability of the landscape, as well as optimising the banking experience for clients.

Furthermore, the partnership with Temenos will allow the bank to facilitate capabilities developed on flexibility, security, and adaptability, while also executing its growth in the industry. .