Saudi Export-Import (EXIM) Bank has adopted the Temenos core banking platform, with the platform going live in just six months.
Temenos allows Saudi EXIM Bank to increase operational and financial efficiency, allowing businesses to receive trade credit more quickly and simply, while encouraging job creation and economic development in the Kingdom of Saudi Arabia (KSA).
Saudi EXIM Bank quickly adopted Temenos’ modern and cloud-native core banking platform with the assistance of consultants and implementation partners with significant local market understanding.
The bank discovered that the Temenos KSA Model Bank strategy provided pre-packaged capabilities and best practises, allowing it to achieve its business and regulatory needs in a fast and effective manner. Ultimately, Temenos Project Consulting Services aided in the project’s completion.
Prema Varadhan, President Product and Chief Operating Officer, Temenos, said: “With clients such as Allied Irish Bank (AIB) in Ireland, Commerce Bank in the USA, and Al Rajhi in Saudi Arabia, corporate banking is a key focus for Temenos. We have a robust product roadmap, and we continue to invest heavily to deliver rich corporate banking functionality to help banks reduce the number of legacy systems on a cloud-native platform and improve automation and efficiency.”
The Saudi EXIM Bank provides financial services targeted exclusively to Saudi Arabian firms active in international trade.
The Temenos core banking platform enables the bank to improve its efficiency and automate its operations. The Temenos opens platform for composable banking provides businesses with a number of banking service options.
Saudi EXIM Bank was founded in 2020 to promote the export of Saudi non-oil products and strengthen their competitiveness in global markets across economic sectors. To boost confidence in Saudi products, the bank offers competitive financing services, guarantees, and credit insurance.
H.E. Eng. Saad Bin Abdulaziz AlKhalb, CEO of Saudi EXIM Bank, commented: “Our core banking system implementation with Temenos is a step forward for Saudi EXIM Bank to better equipped for achieving the development goals of the Kingdom’s Vision 2030. It will enable faster transaction processing times, improved customer experience, and a more efficient use of resources. It will also help us to better manage risks, with improved data analytics and real-time monitoring capabilities. We are pleased that we have been able to go live in such a short time aided by Temenos’ understanding of banking in Saudi Arabia and its pre-built banking processes.”
William Moroney, Managing Director – Middle East and Africa, Temenos, said: “I would like to extend my congratulations to the team at Saudi EXIM Bank on their go-live with the Temenos cloud-native core banking platform. To implement a new core banking system in under six months is a fantastic achievement. Temenos has a strong presence in the Middle East region with the experience of taking many of the region’s leading banks live on our platform. Banks of the future need a modern, agile core and with deployable components which cover all areas of banking. We look forward to seeing Saudi EXIM Bank and trade finance flourish in KSA on their new Temenos platform.”