Libya’s Assaray Trade and Investment Bank (ATIB) has selected Temenos Infinity and Temenos Transact to power its digital transformation. Temenos’ cloud-native, cloud-agnostic banking platform will enable the bank to quickly launch new digital products for retail and corporate banking and improve the customer experience.
ATIB has had operations in Libya’s banking industry for over 20 years. It is recognized as one of the most structured and advanced banks in the country, delivering financial services to more than 50,000 customers nationwide. ATIB selected Temenos’ technologically advanced and functionally rich platform to replace its legacy core banking system and accelerate its digital transformation. Temenos’ packaged and upgradeable software will deliver operational efficiencies and improve ATIB’s cost (and income) ratio, supporting the bank’s growth.
Temenos Model Bank and award winning Temenos Islamic Banking solution will help ATIB dramatically reduce the time taken to deploy the new digital banking platform. Temenos model bank approach also brings pre-configured country-specific functionality to help ATIB meet evolving regulatory requirements and business practices in an efficient and cost-effective way.
Farouk Laabidi, the GM of ATIB, commented: “Temenos’ track record for delivering class-leading software and its extensive presence in the Middle East made it the obvious partner for this ambitious project. Deploying Temenos’ cloud-native, cloud-agnostic technology will allow us to benefit from rapid RoI and reap the benefits of remarkable efficiency gains and cost savings. Temenos technology will help us innovate at speed, and deliver enhanced digital banking products and better experiences to our customers. This partnership marks a significant step forward in our journey towards digitalization and, most importantly, means we are better able to meet the evolving needs of our customers.”
Jean-Paul Mergeai, the MD for Middle East and Africa, said: “We are proud to partner with ATIB as they make this significant investment in digital banking technology and move towards a more customer-centric banking model. Together, Temenos Infinity and Temenos Transact will drive simplicity and efficiency and help to reduce the bank’s operating costs. Furthermore, Temenos’ multi award-winning Islamic Banking solution and Model Bank approach will ensure the fastest timeframe for delivery so that ATIB can quickly realize the benefits of its new end to end digital platform.”
ATIB was established in 1997 as a Libyan banking institution under the name of “Al-Ahli Bank of Tripoli”. In 2007, the bank turned to a Libyan joint-stock company with new management under the name “Assaray Trade and Investment Bank” (ATIB).
ATIB goes through the implementation of a customer-centric approach based on the latest new technologies and innovations. By 2019, ATIB started using Biometrics on the fly for enrolling customers through a MorphoTablet powered by IDEMIA.
Temenos is a global vendor of banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.