State Bank of Pakistan partners with Systems Limited and Temenos to modernize their Core Banking System
Written By Systems
Karachi, Pakistan – November 2024 – Systems Limited, a global system integrator and services provider, proudly announces a landmark agreement with the State Bank of Pakistan (SBP) to upgrade and modernize its Core banking platform to the latest Temenos core banking software and implementation of best-in-class Temenos Payment Hub to modernize the Payment Infrastructure of the Central Bank.
Systems Limited will be utilizing its domain specialists and accelerators for Central banks, as well as deep expertise in carrying out upgrades, for this critical modernization program.
The modernization also includes the implementation of Temenos Payment Hub, which will allow SBP to streamline real-time domestic and global payments and settlements based on the new SWIFT ISO 20022 MX message standards, enabling faster and more secure transaction processing as well as allow integration with RAAST and RTGS real-time payment systems within the ecosystem. Systems Limited will provide comprehensive localized helpdesk support for all Temenos modules and interfaces, ensuring that SBP can continue to innovate and evolve alongside the changing needs of the financial industry.
This transformation is pivotal for both SBP and Systems Limited. For SBP, it enhances its capacity to manage critical banking functions and support digital processes while providing a more robust infrastructure to oversee the financial landscape of Pakistan. For Systems Limited, partnering with the country’s central bank marks a milestone in its journey as a premier technology enabler in the region’s banking sector.
This collaboration with the State Bank of Pakistan is a monumental step in our country’s financial transformation. By leveraging our Central Bank and Payment accelerators alongside Temenos' advanced technology, we are accelerating and leapfrogging the modernization journey for the country’s central Bank. Systems Limited is committed to providing SBP with the tools it needs to support a thriving and secure financial ecosystem.
Asif Peer
Group CEO and MD, Systems Limited
This initiative represents a significant milestone in SBP’s ongoing efforts to modernize Pakistan’s banking infrastructure. With the implementation of advanced core banking technology and an integrated payments system, we are reinforcing our ability to oversee and support the country’s rapidly evolving financial landscape. This will further enable SBP to provide a secure, efficient, and scalable platform that will benefit all participants in Pakistan’s financial ecosystem.
Jamil Ahmad
Governor, State Bank of Pakistan
We are delighted that the State Bank of Pakistan has chosen to extend its long-standing partnership with Temenos, reaffirming its trust in our comprehensive core banking platform. This decision underscores the confidence State Bank of Pakistan places in our ability to deliver unparalleled functionality, deep localization and continuous innovation. Powered by Temenos, State Bank of Pakistan is well-positioned to drive growth, enhance customer experiences, and lead the way in the dynamic banking landscape of Pakistan.
William Moroney
Chief Revenue Officer, Temenos
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