Egypt’s MIDBANK has announced that it has successfully gone live with Temenos, completing a full replacement of its legacy systems.
Following this announcement, this initiative represents a part of MIDBANK’s broader strategy to modernise its operations, as well as to deliver an optimised and secure suite of banking solutions to customers across the region of Egypt.
In addition, the implementation took place with Temenos’ core banking suite, including its Core, Payments Hub, Financial Crime Mitigation (FCM), and Data Hub. The go-live process also followed a ‘big bang’ approach, with the legacy system decommissioned and the Temenos platform activated in a single transition.
More information on MIDBANK’s core baking modernisation process
According to the official press release, the development has already delivered measurable benefits, including reduced transaction processing times, improved operational efficiency, and optimised customer satisfaction. At the same time, MIDBANK is also preparing to launch digital channels with Temenos Digital, as well as explore AI-driven developments while leveraging Temenos tools, including the Temenos Product Manager Copilot.
Both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
Furthermore, this strategy supports the Egypt Vision 2030 initiative, as well as the Central Bank of Egypt’s digital agenda, while also focusing on the process of reinforcing MIDBANK’s plan of optimising financial inclusion and sustainable economic growth. The financial institution will also focus on accelerating its development process, while prioritising the improvement of customer experiences and the further optimisation of its product suite as well.
