Temenos Teams Up with Egyptian National Post

Egyptian National Post Organization (ENPO) has selected Swiss technology firm Temenos and its T24 Transact core banking system, replacing 20 legacy systems in the process, reports Alex Hamilton of Fintech Futures (Finovate’s sister publication).

T24 Transact will be deployed in the cloud alongside the vendor’s Infinity digital front office solution. Both will be used to underpin the firm’s drive to meet the Egyptian government’s financial inclusion initiatives.

ENPO has a network of 4,000 branches via its iPost, Post Express, and Post Cars channels. It provides financial services, including current and savings accounts, instant remittances, electronic collection with notification services.

Temenos said that it will be delivering a “single, packaged and upgradeable banking platform” and help EMPI create an “omnichannel, unified teller for all financial and non-financial services.”

“Egypt is a country of great importance for Temenos; we are the leading banking software provider serving over 12 banks in the country and have been in the region for over two decades,” said Andreas Andreades, executive chairman at Temenos.

Egypt’s National Financial Inclusion Initiative, sponsored by Egypt’s Government, aims to promote the use of digital financial services throughout the nation.

“Temenos is committed to enabling Egypt’s Digital Economy Transformation and Financial Inclusion program,” added Andreades. “We believe that ENPO’s end-to-end digital transformation will help them realize this digital vision and promote financial inclusion in Egypt.”

Temenos demonstrated its Connect Mobile Banking solution at FinovateEurope 2015. The company is also an alum of our developers conferene, FinDEVrSiliconValley 2015, where it discussed the evolution of and opportunities in its B2B financial apps marketplace.

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Challenger Bank Lunar Partners with Temenos to Fight Financial Crime

Danish challenger bank Lunar has chosen financial services software provider Temenos to tackle financial crime on its platform, reports Ruby Hinchliffe of Fintech Futures (Finovate’s sister publication).

Ticking boxes such as watch-list screening and fraud prevention, as well as covering anti-money laundering (AML) and Know Your Customer (KYC) services, Temenos will deliver on its comprehensive security promise by integrating with Lunar’s core banking and payments technology.

The mobile-only banking app bought the product, which is called ‘Financial Crime Mitigation’ (FCM) and runs on the cloud, in a bid to “address stringent regulatory demands” and to safeguard its customers and reputation, said Temenos in a statement.

“As a challenger bank it is crucial for us to be in full control and create a scalable and agile setup in the Nordics,” said Lunar’s COO Morten Sønderskov, who says the bank’s choice to go with Temenos will get it “ahead of the curve in financial crime prevention”.

“We are building a Nordic bank from scratch and realizing our vision of becoming a financial Super App,” Sønderskov added.

Founded in 2015, Lunar now has more than 100,000 users and recently secured its European banking license from the Danish Financial Supervisory Authority. The fintech now has plans to extend its offering even further throughout the Nordics.

Temenos said more than 200 banks depend upon its FCM product now. “[We] proudly support the momentum of challenger banks around the world,” said Temenos’ MD for Europe Steen Jensen.

Temenos was founded in 1993 and is headquartered in Geneva, Switzerland. The company demoed its Connect Mobile Banking solution at FinovateEurope 2015. Temenos is also an alum of our developers conference, presenting a discussion on its B2B Financial Apps Marketplace at FinDEVRSiliconValley 2015.

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