Pakistan Telecommunication Company Limited (PTCL) has signed a Memorandum of Understanding (MoU) with NDCTECH; an award-winning partner of Temenos, world’s number one Banking Software, to create an in-country banking cloud platform by offering value-added services for Temenos Software over PTCL cloud.
The partnership agreement was signed in Karachi by Adil Rashid, Chief Business Services Officer, PTCL and Ammara Masood, CEO & President, NDCTECH. On the occasion, Farooq Ahmed Jalali, Executive Vice President, Digital Services Sales, PTCL, Nabeel Amjad, General Manager, Business Applications, PTCL, Behram Ahmed, Chairman, NDCTECH, Navaid Kareem, EVP Sales, NDCTECH and Jean-Paul Mergeai, Regional Managing Director, Temenos Middle East and Africa were also present.
Following this understanding, NDCTECH and PTCL shall jointly host Temenos Software for clients wanting to use Test & Development value-added services on PTCL Cloud. The companies will also embark on a joint advocating effort for the creation of a local banking cloud setup in the country for Production site and Disaster Recovery (DR) site in the future.
On the occasion, Adil Rashid, Chief Business Services Officer, PTCL, said,
Owing to the recent data leakages in the financial sector, the need for an in-country cloud-based hosting solution for the Financial sector has increased many folds. With this agreement, PTCL & NDCTECH shall jointly help to create a safer and more secure data storage & processing environment for financial data within the country.
This initiative shall serve to reduce costs for the fin-techs; as well as create a safe and secure cloud-based hosting solution for the Pakistani financial industry, previously restricted to keep transactional data on-premises only.
Temenos core banking platform has been the best-selling solution in the global market for 15 years, used by more than 700 financial institutions. Over 3,000 firms across the globe, including 41 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers.
Ammara Masood, CEO and President, NDCTECH, said,
Our expertise across retail banking, corporate & investment banking, regulatory risk and compliance, mobile banking, channels, payments, lending and mortgages, address transformational changes for our customers. PTCL & NDCTECH collaboration and our solution on Pakistan based cloud offering will enable our customers to build a bankable future.
Cloud is vital for the public and private sectors to transform consumer experience, drive business innovation and raise productivity to the next level.