Al Rajhi Bank in Saudi Arabia has chosen Temenos for a digital overhaul and to improve its Islamic lending and financing products, reports Antony Peyton of Fintech Futures (Finovate’s sister publication).

Al Rajhi, which is described as the nation’s second largest bank and the world’s largest Islamic bank, has total assets of over $97 billion.

It plans a “complete renovation” using Temenos T24 Transact and additional digital solutions including Temenos Infinity and Temenos Loan Origination product.

Waleed Al Mogbel, deputy CEO, Al Rajhi Bank, said the Temenos platform will “enable us to transform faster, drive out complexity and lower our overall total cost of ownership”.

Jean-Paul Mergeai, managing director Middle East and Africa at Temenos, added that the vendor has 19 clients in Saudi Arabia and this “new signing further cements our presence in the country where we have been operating since the late nineties”.

The bank will use the Temenos Islamic Banking Suite, coupled with its “Saudi Model Bank” application which includes pre-configured local functions, to cater for the specific Saudi regulatory requirements.

Al Rajhi operates in more than 570 branches across Saudi Arabia as well as in Kuwait, Jordan and Malaysia. It was founded in 1957.

As noted above, Temenos is well established in Saudi Arabia. Customers include Alawwal Bank, Amlak International, Alinma Bank, Bank Albilad, Banque Saudi Fransi and Samba Financial Group.

Back in October 2018, treasury and capital markets (TCM) tech specialist Murex signed up Al Rajhi for its flagship MX.3 platform.

Temenos demonstrated its Connect Mobile Banking solution at FinovateEurope 2015. The company is also an alum of our developers conference, presenting a discussion on its B2B Financial Apps Marketplace at FinDEVrSilicon Valley in 2015.

Founded in 1993, Temenos is based in Geneva, Switzerland.

Credorax, a payments company, has selected Temenos T24 Transact, deployed on the cloud, to provide SME, merchant acquiring and cross-border payment services, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The firm has created an API-centric technology ecosystem with the Temenos open banking platform running on Microsoft Azure.

Temenos was the first banking software provider to launch a cloud offering running on Azure and since 2011, T24 Transact has been available as a managed service on the Temenos Cloud.

T24 Transact is part of Temenos’ new batch of products announced earlier this month.

Now, Credorax is a fully-fledged European commercial licensed bank via the Malta Financial Services Authority, and offers a suite of services, including fraud detection and local processing.

Steen Jensen, managing director – Europe, Temenos said: “With T24 Transact, Credorax can capitalize on real-time flexible technology today, as well as have a foundation for future growth.”

“We want to provide the scalability necessary to dominate the financial services industry and couple that with versatile and innovative cloud services,” added Moshe Selfin, COO of Credorax.

Credorax’s move into cloud-based banking was motivated by the introduction of PSD2, according to the firm.

Founded in 1993 and headquartered in Geneva, Switzerland, Temenos demonstrated its Connect Mobile Banking solution at FinovateEurope 2015. More than 3,000 companies around the world, including 41 of the top 50 banks, leverage Temenos’ technology to support the transactions of more than 500 million bank customers.