The National Bank of Malawi (NBM) has selected Temenos T24 as its new core banking system to support its retail and corporate banking activities, servicing over 160,000 customers. T24 Model Bank for Universal Banking will enable NBM to centralise its operations on a single, multi-channel and functionally rich platform to improve efficiencies and reduce costs.
T24 will replace Bankmaster from Misys. The bank selected T24 Model Bank for Universal Banking over competing solutions from Oracle Financial Services and Neptune, based on its ability to fully support the bank’s operational, financial and regulatory requirements.
“NBM is committed to providing the best financial services in Malawi through outstanding service, product innovation and sustained earnings growth. We have been on Bankmaster for the past 12 years. Due to increased competition and customer demand for highly innovative products and delivery channels, including structured loans with longer grace periods and Bancassurance, we decided to look for an advanced and modern banking platform which was going to be more efficient in meeting the bank’s requirements,” said George Partridge, chief executive for NBM.
The bank will also implement Temenos ARC (acquire, retain, cross-sell), a suite of front office applications. Temenos’ professional services and the bank’s project team will jointly implement T24 including retail, treasury and trade finance functionality on HP servers with an Oracle database.
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