Saradar Bank, a Lebanese lender, has implemented Temenos’ T24 Core Banking platform that will enable the bank to introduce new products to meet the requirements of its customers.

Replacing the bank’s legacy multi-system environment, Temenos’ single, centralised core banking platform also provides the bank with better operational cost efficiency, and more effective relationship management and client service.

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Saradar Bank was formed with the integration of Banque de l’Industrieet du Travail (BIT) and Near East Commercial Bank (NECB). After merger, Saradar Bank was looking to migrate and consolidate the legacy systems into a single platform provided by Temenos.

Temenos regional director of MEA Jean-Paul Mergeai said: “T24 Core Banking provides an infrastructure of 24/7 straight-through processing. With T24 Core Banking as the foundation, paired with a 360-degree view of the customer, the bank will be able to use actionable data to define and execute their strategy.

“With Temenos’ pre-packaged model bank, Saradar Bank has removed complexity and lowered their total cost of ownership, and will now benefit from streamlined operations.

“Going forward, the platform’s real-time capabilities and embedded analytics will allow Saradar Bank to grow faster and deliver new products and services in a more timely and efficient way.”

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As Saradar Bank has gone live with the pre-configured country model bank of T24 Core Banking platform, it expects to better comply with the country’s regulatory policies, while minimising complexity of the IT infrastructure

The implementation was led by Temenos and  supported BankerWay.