Openbank selects Temenos Core Banking for retail and SME digital solution
Banking and finance software specialist Temenos has confirmed that Openbank has selected to implement Temenos Core Banking for its global retail and SME business.
Temenos’ Core Banking solution is an integrated, upgradeable and scalable package built on open banking architecture. Banks can utilise robust open APIs to operate collaborative business models, working with an ecosystem of third parties to add more value to their customers’ financial lives. Temenos Core Banking is already available through public, private, or on-premise cloud and is platform agnostic.
By adopting Temenos Core Banking, Openbank will be able to gain a deeper understanding of their customers and be fastest to market with new personalised products and services at a very low total cost of ownership.
With over one million customers, Openbank intends to use Temenos Core Banking to drive domestic and international expansion and support its group digital strategy. Santander’s digital bank is one of the first fully fledged digital banks in the world, with its software, APIs and client transactions running in the cloud and offering a complete range of banking and investment products.
Commenting on the major deal with Openbank, David Arnott, Chief Executive Officer of Temenos, said: “Temenos is honoured to have been selected by Openbank to support them with their digital journey and growth plans. This is a highly disruptive and strategically important deal, demonstrating the acceleration in thinking among tier 1 banks as they move to their digital future and reinforces Temenos’ position as the partner of choice for the world’s largest banks.
To offer a truly digital experience, which consumers demand, banks need to renovate their legacy systems. They see the benefit in adopting a build-and-migrate approach to minimise time-to-market and to extract maximum value.”
Ezequiel Szafir, Chief Executive Officer of Openbank, commented: “We are very excited to count on the know-how and speed to market that Temenos will provide us, as we continue to build one of the best digital banks in the world”