temenos

         Alexa Guenoun

Temenos‘ T24 Transact has been selected by Mizrahi-Tefahot, an Israeli bank, in a bid to replace its capital market systems with that of Temenos’.

Mizrahi-Tefahot’s CEO, Eldad Fresher commented, “Most Israeli banks are still based on core banking systems installed decades ago. Replacing Mizrahi Tefahot’s core system for capital markets will in fact be the first step of one of the largest banks in the sector, and it is reasonable to assume that additional moves will follow.”

According to the supplier, the partnership is expected to streamline securities operations, enhance the level of control over activity in the area as well as enable the provision of timely information. It will allow the bank to utilize Temenos’ solution across Israeli and foreign securities and enable it to interface with trading systems, the bank’s core systems, direct channels, branches, and all entities.

Alexa Guenoun, Chief Client Officer, Temenos, said, “We are delighted to have been chosen by Mizrahi-Tefahot, after a rigorous competitive selection process, to help fulfil its ambitions for future expansion, growth and product innovation. Temenos T24 Transact, our next generation core banking product, will help Mizrahi-Tefahot meet the challenge of increasing customer demands in the competitive Israeli banking landscape. Israel is a key market of growth for Temenos and we are fully committed to serving it as banks accelerate their plans for innovation and future-proofing. We look forward to supporting Mizrahi-Tefahot throughout this exciting journey.”

Recently, New Zealand-based bank TSB has selected and gone live with Temenos‘ Infinity Digital Onboarding in under 9 weeks.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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