To support its banking activities and reduce costs
National Bank of Malawi has selected Temenos T24 as its new core banking system to support its retail and corporate banking activities.
The company said that Temenos T24 (T24) Model Bank for Universal Banking will enable National Bank of Malawi (NBM) to centralize its operations on a single and multi channel platform to improve efficiencies and reduce costs. NBM selected T24 Model Bank for Universal Banking based on its ability to support the bank’s operational, financial and regulatory requirements.
According to the company, the processes embedded within Model Bank, combined with Temenos’s integrated risk management system, T-Risk, offered NBM a documented way to handle its complete spectrum of risk requirements.
The company also said that the bank will also implement Temenos ARC (Acquire, Retain, Cross-sell), company’s integrated 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.
George Partridge, CEO of NBM, said: Using T24, we plan to launch a range of new products, including more trade finance services and customer self-service offerings. T24’s 360 degree customer view will greatly improve cross selling capabilities, enable more efficient account management and deliver a faster resolution of customer requests and complaints.