Al Ain Finance selects Temenos SaaS to remotely deploy Corporate Banking Solution during Covid-19
Temenos’ front-to-back advanced AI and cloud technology will be remotely implemented to power rapid digital transformation
GENEVA, Switzerland, July 9, 2020/ -- UAE-based corporate finance institution selects Temenos Infinity and Temenos
Transact on Temenos SaaS to address surge in digital banking for SMEs
during Covid-19 and beyond ; Temenos’ front-to-back advanced AI and cloud technology will be remotely implemented to power rapid digital transformation; Temenos SaaS solution will replace Al Ain Finance’s in-house system, simplify
its digital business model and drive operational efficiencies.
Temenos (SIX: TEMN) (www.Temenos.com), the banking software company today announced that Al Ain Finance (www.AlainFinance.ae) will rapidly deploy Temenos Infinity and Temenos Transact on Temenos
SaaS to replace its legacy in-house system and achieve end-to-end
digital transformation. The front-to-back SaaS digital banking offering
will provide the broadest out-of-the-box functionality for Al Ain
Finance to deliver differentiated digital experiences to Small and
Medium-sized Enterprises (SMEs). Temenos’ cloud-native, technology will
be delivered remotely as Temenos SaaS to allow the business to respond
to increasing demand for digital banking during Covid-19 in the quickest possible timeframe. Temenos’ SaaS solution will be hosted on Microsoft
Azure.
Al Ain Finance is a Private Joint Stock Company licensed and regulated
by the UAE Central Bank. The company was established in 2016 to support
UAE SMEs with tailored Working Capital Financing, including invoice
factoring and discounting, and is building its reputation as the one of
the nation’s best finance companies.
Temenos API-first, cloud advanced technology will give Al Ain Finance
resilience and the agility to respond to evolving market conditions and
capitalize on new opportunities. Temenos’ AI technology will drive
automation and process optimization, empowering the business to focus
its resources on customer-centricity while reducing operational costs.
Temenos’ technology is highly localized and will be quickly implemented
without customization so Al Ain Finance can digitalize its operations
and gain rapid return on investment. The financial institution will
combine the strengths of Temenos’ UAE Model Bank and Temenos SaaS to
deploy the richest, pre-configured banking functionality in the shortest possible timeframe.
Mr. Mohammed R, Chairman, Al Ain Finance, stated: “We
are delighted to partner with Temenos and adopt cutting-edge cloud
technology to rapidly transform our business. Temenos SaaS offering will provide us with a pre-packaged, comprehensive corporate banking product to provide superior digital experiences to our SME customers. Temenos’
cloud-native technology and unrivalled business experience in the region will be a catalyst for the digital transformation of our business.
Temenos will provide a completely remote installation in light of the
Coronavirus pandemic, enabling us to realize our business goals and
support SMEs with vital financing in a matter of days.”
Jean-Paul Mergeai, Managing Director – Middle-East & Africa, commented: “We are excited to partner with Al Ain Finance as they embrace the
power of the cloud to transform their business and offer outstanding
digital experiences to SMEs. We see a surging demand in cloud adoption
and SaaS based-models in the region which is being accelerated by the
coronavirus pandemic as banks require more resilient and agile
technology propositions. Temenos is the only provider to offer banks the most advanced cloud-native technology and the broadest functionality.
With our cloud technology, Al Ain Finance will gain speed to market, and benefit from reduced cost and complexity.”
According to the 2020 Economist Intelligence Unit report (https://bit.ly/3gPL9UT) released recently, two thirds of banking executives agree that new
technologies, like cloud and AI, will continue to drive the global
banking sphere for the next 5 years.
About Alain Finance P.J.S.C.:
Al Ain Finance P.J.S.C (www.AlainFinance.ae) is a Private Joint Stock Company, owned by prominent Emirati
shareholders, licensed and regulated by the U.A.E. Central Bank. Al Ain
Finance was established in 2016 in the emirate of Abu Dhabi, specialized in designing and offering alternative financing solutions to Small and
Medium Enterprises (SMEs) across the U.A.E. region.
With professional employees using state-of-the-art system, we are able
to support our customers in their working capital financing
requirements. We pride ourselves in understanding our customer's
requirements, advising them on using the most optimal solutions, and
providing the required funding they need to grow their business, all in a seamless and hassle-free manner.
About Temenos:
Temenos AG (SIX: TEMN) (www.Temenos.com) is the world’s leader in 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.
Temenos software is proven to enable its top-performing clients to
achieve cost-income ratios of 26.8% half the industry average and
returns on equity of 29%, three times the industry average. These
clients also invest 51% of their IT budget on growth and innovation
versus maintenance, which is double the industry average, proving the
banks’ IT investment is adding tangible value to their business.
For more information, please visit www.Temenos.com.
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