Latest news with #financialinstitution
Finextra
a day ago
- Business
- Finextra
Egypt's Midbank completes core banking migration with Temenos
Temenos (SIX: TEMN), a global leader in banking technology, today announced that MIDBANK has successfully gone live with Temenos, completing a full replacement of its legacy systems with Temenos' core banking suite. 0 This strategic transformation is part of MIDBANK's broader initiative to modernize its operations and deliver next-generation banking services to customers across Egypt MIDBANK, a 50-year-old financial institution based in Egypt, selected Temenos following a comprehensive evaluation process. The implementation includes Temenos Core, Payments Hub, Financial Crime Mitigation (FCM), and Data Hub. The go-live followed a 'big bang' approach, with the legacy system decommissioned and the Temenos platform activated in a single transition. Amr El-Garhy, CEO & Managing Director of MIDBANK, commented: 'We turned off the light on one system, and turned on the light on another. It was a bold decision, but we were well prepared. Temenos was attentive at the moments that really mattered. They stayed close to the project and showed genuine commitment to our success. Powered by Temenos, MIDBANK is well-positioned to shape the future of digital banking in Egypt.' The transformation has already delivered measurable benefits, including reduced transaction processing times, improved operational efficiency, and enhanced customer satisfaction. MIDBANK is also preparing to launch digital channels with Temenos Digital and explore AI-driven innovations using Temenos tools, including the Temenos Product Manager Copilot. Santhosh Rao, Managing Director - Middle East & Africa, Temenos, commented: 'MIDBANK's successful go-live is a strong example of how Temenos helps financial institutions modernize with confidence. Our proven delivery capability, combined with our innovative and adaptable platform, enabled a smooth and timely transition. MIDBANK is now equipped to deliver modern, efficient, and customer-centric banking services.' Temenos' proven track record in Egypt, local presence, and strong ecosystem of partners were key to the project's success. Key partners included ITSS for implementation and DXC for testing. This initiative supports Egypt Vision 2030 and the Central Bank of Egypt's digital agenda, reinforcing MIDBANK's role in advancing financial inclusion and sustainable economic development.
Wall Street Journal
3 days ago
- Business
- Wall Street Journal
Today's CD Rates for July 29, 2025
One of the biggest factors influencing current CD rates is the federal-funds rate. As the Federal Reserve began cutting its benchmark rate toward the end of 2024, CD rates fell in response. However, the June 2025 decision to once again keep the Fed rate steady is likely to result in relatively stable CD interest rates for now. Another factor that influences CD rates is the business goals of a bank or credit union. A financial institution balances the yield it pays to depositors with the amount of interest it earns from borrowers. For example, if a bank charges its customers 9% APR on a loan, the yield it pays depositors needs to be low enough that there's a profitable difference. If a financial institution pays a yield of 4.65% on a six-month CD, it can attract depositors with a higher yield while still earning a profit on the funds it loans to borrowers. Term length matters as well. If a financial institution thinks the Federal Reserve will cut interest rates soon, it might pay higher yields on short-term CDs to attract customers. When the CD matures, depositors will have to renew at a lower rate when the federal funds rate heads lower. On the other hand, in an environment where rates might be expected to rise over time, a financial institution might offer a higher yield on long-term CDs to encourage depositors to agree to keep their money in place for a longer period—even if they miss out on potential interest rate hikes. How to choose the right CD for your financial goals As you compare CD rates, consider your financial goals and what you hope to achieve with your money. Here are some considerations: When do you need the money? Because CDs charge penalties if you withdraw the money early, consider when you want access to your funds. If you're saving for a goal that's a few months away, a short-term CD might make sense. On the other hand, if you want to guarantee your yield and don't need access to the money immediately, a long-term CD could be a good choice. Because CDs charge penalties if you withdraw the money early, consider when you want access to your funds. If you're saving for a goal that's a few months away, a short-term CD might make sense. On the other hand, if you want to guarantee your yield and don't need access to the money immediately, a long-term CD could be a good choice. How much do you plan to commit to a CD strategy? As part of an overall portfolio, cash is likely to earn the lowest return. Including a CD strategy can help you increase yield on the cash portion of your portfolio, but it also means less liquidity for your cash. Some of the best rates are on jumbo CDs, but you need to commit a larger minimum deposit to qualify. Figure out how much you can put into CDs and consider using a CD laddering strategy if you want more frequent access to a portion of your money and are looking for CDs with smaller minimum requirements. As part of an overall portfolio, cash is likely to earn the lowest return. Including a CD strategy can help you increase yield on the cash portion of your portfolio, but it also means less liquidity for your cash. Some of the best rates are on jumbo CDs, but you need to commit a larger minimum deposit to qualify. Figure out how much you can put into CDs and consider using a CD laddering strategy if you want more frequent access to a portion of your money and are looking for CDs with smaller minimum requirements. What will future CD trends look like? As you compare today's CD rates, read up on where experts predict yields will go next. If you think they're likely to fall, you might want to lock in a higher rate on a medium- to long-term CD. On the other hand, if you think they will rise, a short-term CD could mature in time for you to take advantage of rising rates. CD laddering can potentially help you balance access with changing yields.
Wall Street Journal
22-07-2025
- Business
- Wall Street Journal
Today's CD Rates for July 22, 2025: Highest APYs Range From 4.25% to 4.75%
One of the biggest factors influencing current CD rates is the federal-funds rate. As the Federal Reserve began cutting its benchmark rate toward the end of 2024, CD rates fell in response. However, the June 2025 decision to once again keep the Fed rate steady is likely to result in relatively stable CD interest rates for now. Another factor that influences CD rates is the business goals of a bank or credit union. A financial institution balances the yield it pays to depositors with the amount of interest it earns from borrowers. For example, if a bank charges its customers 9% APR on a loan, the yield it pays depositors needs to be low enough that there's a profitable difference. If a financial institution pays a yield of 4.65% on a six-month CD, it can attract depositors with a higher yield while still earning a profit on the funds it loans to borrowers. Term length matters as well. If a financial institution thinks the Federal Reserve will cut interest rates soon, it might pay higher yields on short-term CDs to attract customers. When the CD matures, depositors will have to renew at a lower rate when the federal funds rate heads lower. On the other hand, in an environment where rates might be expected to rise over time, a financial institution might offer a higher yield on long-term CDs to encourage depositors to agree to keep their money in place for a longer period—even if they miss out on potential interest rate hikes. How to choose the right CD for your financial goals As you compare CD rates, consider your financial goals and what you hope to achieve with your money. Here are some considerations: When do you need the money? Because CDs charge penalties if you withdraw the money early, consider when you want access to your funds. If you're saving for a goal that's a few months away, a short-term CD might make sense. On the other hand, if you want to guarantee your yield and don't need access to the money immediately, a long-term CD could be a good choice. Because CDs charge penalties if you withdraw the money early, consider when you want access to your funds. If you're saving for a goal that's a few months away, a short-term CD might make sense. On the other hand, if you want to guarantee your yield and don't need access to the money immediately, a long-term CD could be a good choice. How much do you plan to commit to a CD strategy? As part of an overall portfolio, cash is likely to earn the lowest return. Including a CD strategy can help you increase yield on the cash portion of your portfolio, but it also means less liquidity for your cash. Some of the best rates are on jumbo CDs, but you need to commit a larger minimum deposit to qualify. Figure out how much you can put into CDs and consider using a CD laddering strategy if you want more frequent access to a portion of your money and are looking for CDs with smaller minimum requirements. As part of an overall portfolio, cash is likely to earn the lowest return. Including a CD strategy can help you increase yield on the cash portion of your portfolio, but it also means less liquidity for your cash. Some of the best rates are on jumbo CDs, but you need to commit a larger minimum deposit to qualify. Figure out how much you can put into CDs and consider using a CD laddering strategy if you want more frequent access to a portion of your money and are looking for CDs with smaller minimum requirements. What will future CD trends look like? As you compare today's CD rates, read up on where experts predict yields will go next. If you think they're likely to fall, you might want to lock in a higher rate on a medium- to long-term CD. On the other hand, if you think they will rise, a short-term CD could mature in time for you to take advantage of rising rates. CD laddering can potentially help you balance access with changing yields.
Wall Street Journal
21-07-2025
- Business
- Wall Street Journal
Today's CD Rates for July 21, 2025: Highest APYs range from 4.25% to 4.75%
One of the biggest factors influencing current CD rates is the federal-funds rate. As the Federal Reserve began cutting its benchmark rate toward the end of 2024, CD rates fell in response. However, the June 2025 decision to once again keep the Fed rate steady is likely to result in relatively stable CD interest rates for now. Another factor that influences CD rates is the business goals of a bank or credit union. A financial institution balances the yield it pays to depositors with the amount of interest it earns from borrowers. For example, if a bank charges its customers 9% APR on a loan, the yield it pays depositors needs to be low enough that there's a profitable difference. If a financial institution pays a yield of 4.65% on a six-month CD, it can attract depositors with a higher yield while still earning a profit on the funds it loans to borrowers. Term length matters as well. If a financial institution thinks the Federal Reserve will cut interest rates soon, it might pay higher yields on short-term CDs to attract customers. When the CD matures, depositors will have to renew at a lower rate when the federal funds rate heads lower. On the other hand, in an environment where rates might be expected to rise over time, a financial institution might offer a higher yield on long-term CDs to encourage depositors to agree to keep their money in place for a longer period—even if they miss out on potential interest rate hikes. How to choose the right CD for your financial goals As you compare CD rates, consider your financial goals and what you hope to achieve with your money. Here are some considerations: When do you need the money? Because CDs charge penalties if you withdraw the money early, consider when you want access to your funds. If you're saving for a goal that's a few months away, a short-term CD might make sense. On the other hand, if you want to guarantee your yield and don't need access to the money immediately, a long-term CD could be a good choice. Because CDs charge penalties if you withdraw the money early, consider when you want access to your funds. If you're saving for a goal that's a few months away, a short-term CD might make sense. On the other hand, if you want to guarantee your yield and don't need access to the money immediately, a long-term CD could be a good choice. How much do you plan to commit to a CD strategy? As part of an overall portfolio, cash is likely to earn the lowest return. Including a CD strategy can help you increase yield on the cash portion of your portfolio, but it also means less liquidity for your cash. Some of the best rates are on jumbo CDs, but you need to commit a larger minimum deposit to qualify. Figure out how much you can put into CDs and consider using a CD laddering strategy if you want more frequent access to a portion of your money and are looking for CDs with smaller minimum requirements. As part of an overall portfolio, cash is likely to earn the lowest return. Including a CD strategy can help you increase yield on the cash portion of your portfolio, but it also means less liquidity for your cash. Some of the best rates are on jumbo CDs, but you need to commit a larger minimum deposit to qualify. Figure out how much you can put into CDs and consider using a CD laddering strategy if you want more frequent access to a portion of your money and are looking for CDs with smaller minimum requirements. What will future CD trends look like? As you compare today's CD rates, read up on where experts predict yields will go next. If you think they're likely to fall, you might want to lock in a higher rate on a medium- to long-term CD. On the other hand, if you think they will rise, a short-term CD could mature in time for you to take advantage of rising rates. CD laddering can potentially help you balance access with changing yields.
Arab News
15-07-2025
- Business
- Arab News
Lebanon central bank bans interactions with Hezbollah financial group
The US Department of Treasury imposed sanctions on Al-Qard Al-Hassan in 2007Al-Qard Al-Hassan describes itself as a charitable organizationBEIRUT: Lebanon's central bank has banned licensed financial institutions from any direct or indirect interactions with Iran-backed Hezbollah's financial institution Al-Qard Al-Hassan, according to a circular seen by Reuters on US Department of Treasury imposed sanctions on Al-Qard Al-Hassan in 2007, saying the Iran-backed militant group Hezbollah used the institution as a cover to manage 'financial activities and gain access to the international financial system.'Al-Qard Al-Hassan, founded in 1983, describes itself as a charitable organization which provides loans to people according to Islamic principles that forbid struck branches of the institution during its war with the group last organization, which operates under a license granted by the Lebanese government, has more than 30 branches, mostly in predominantly Shiite Muslim areas of Beirut, southern Lebanon and the Bekaa Valley. Lebanon's central bank has banned licensed financial institutions from any direct or indirect interactions with Iran-backed Hezbollah's financial institution Al-Qard Al-Hassan, according to a circular seen by Reuters on Tuesday. (Reuters/File)
