Egypt's MIDBANK Finishes Central Banking Overhaul with Temenos
MIDBANK, a 50-year-old financial institution based in Egypt, has completed a successful transformation of its legacy systems with Temenos' core banking suite. This modernization marks a significant step forward in shaping the future of digital banking in Egypt, enhancing customer satisfaction and operational efficiency.
Powered by Temenos' Core, Payments Hub, Financial Crime Mitigation (FCM), and Data Hub, the transformation has delivered measurable benefits, including reduced transaction processing times and improved overall banking performance. Amr El-Garhy, CEO & Managing Director of MIDBANK, praised Temenos for their attentiveness and commitment to MIDBANK's success during the project.
The modernization has equipped MIDBANK to leverage the latest innovations in core banking technology. With cloud-native architecture and embedded AI capabilities, MIDBANK can now accelerate time-to-market for new products and increase operational agility. This modernization is part of a broader trend where banks using Temenos' solutions gain scalability, flexibility in deployment options (on-premises, cloud, SaaS), and enhanced digital transformation capabilities.
Key partners in the MIDBANK project included ITSS for implementation and DXC for testing. The transformation followed a 'big bang' approach, with the legacy system decommissioned and the Temenos platform activated in a single transition.
MIDBANK is now exploring AI-driven innovations using Temenos tools, including the Temenos Product Manager Copilot. The upcoming digital channels and AI-driven innovations are expected to deliver additional benefits, such as further improving operational efficiency and customer satisfaction. MIDBANK is planning to launch digital channels with Temenos Digital.
This initiative supports Egypt Vision 2030 and the Central Bank of Egypt's digital agenda. Santhosh Rao, Managing Director - Middle East & Africa, Temenos, stated that MIDBANK's successful transition demonstrates Temenos' ability to help financial institutions modernize with confidence. MIDBANK's role in this project reinforces its commitment to advancing financial inclusion and sustainable economic development.
Temenos' local presence and strong ecosystem of partners were crucial to the project's success in Egypt. The transformation has already positioned MIDBANK as a leader in shaping the future of digital banking in Egypt, ready to face the challenges and opportunities of the digital age.
[1] Temenos Press Release: MIDBANK Selects Temenos to Power its Digital Transformation [2] Banking Technology: MIDBANK selects Temenos for core banking transformation [3] Financial IT: MIDBANK completes Temenos core banking transformation [4] Arabian Business: MIDBANK completes Temenos core banking transformation
- With the successful transformation of its legacy systems powered by Temenos' core banking suite, MIDBANK can now leverage banking technology to enhance its digital banking services, increasing transaction processing efficiency and improving overall banking performance.
- MIDBANK's modernization to embrace digital banking has equipped the institution with the ability to accelerate the introduction of new products using cloud-native architecture and AI capabilities, further improving operational agility and customer satisfaction.
- Amidst a broader trend in the banking sector, MIDBANK's partnership with Temenos has provided scalability, flexibility in deployment options, and enhanced digital transformation capabilities, helping to position the institution as a leader shaping the future of digital banking in Egypt.
