Temenos Open Platform for Composable Banking Opens New Opportunities for Digital Banking Leadership
GENEVA-(BUSINESS WIRE)-Temenos (SIX: TEMN) today announced that BforBank, the all-digital bank of Crédit Agricole Group, has selected Temenos ’open platform for composable banking to support its expansion in the future. The bank is moving from an on-premise implementation towards using Temenos ’core banking solutions in the Google Cloud to take advantage of new growth opportunities and improve scalability efficiency.
A pioneer in digital banking, BforBank was launched in 2009, offering a new approach to online savings, life insurance, mutual funds and brokerage in the affluent French market. Online banking has since grown to offer a full range of retail banking services, with accounts, payments and loan products, including mortgages. Offering a simple and very personalized experience “allowing customers to be their own private banker” has allowed BforBank to distinguish itself in an increasingly competitive market.
Since its inception, Temenos core banking software has consolidated the bank’s back office operations. As banking becomes increasingly collaborative, the move to cloud-native and API-first in Google Cloud will provide banking agility, flexibility and scalability on a massive scale to launch new services faster and at lower cost.
Pascal Luigi, Deputy Managing Director, BforBank, commented: “The world of banking is changing rapidly. After 12 years of successful operation and in anticipation of new strategic initiatives, we wanted to question our initial options. We started a complex process and tested several software vendors that with proof of concept in Google Cloud.Temenos is the only obvious choice, having relentlessly invested over the past few years to offer the most open and secure cloud banking platform for developing and deploying banking services extensively. »
Max Chuard, CEO of Temenos said: “We have formed a trust partnership with BforBank and its parent company Crédit Agricole for many years. As BforBank looks to the future, we are excited to continue this relationship to support its growth ambitions. Being a leader in the new world of banking requires an open, cloud-native approach, AI-enabled, open APIs, and modern DevOps skills, and that’s what Temenos delivers. Being selected as the cloud banking platform for BforBank demonstrates the bank’s confidence in Temenos to drive change and create new opportunities. »
Zac Maufe, Head of Financial Services at Google Cloud added: “In banking, there is growing evidence that cloud technology is not only a driver of efficiency, but also an enabler of change. Through our partnership with Temenos, we look forward to BforBank’s digital transformation functionality that will enhance its services in banking with highly connected and personalized interactions for customers of all sizes. »
– Finally –
Temenos AG (SIX: TEMN) is the world leader in banking software. More than 3,000 banks worldwide, including 41 of the top 50 global banks, rely on Temenos for the day-to-day processing of their transactions and the interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, AI-agnostic, and front-office, cloud-native and AI-powered banking software that enables banks to deliver a seamless omnichannel customer experience and achieve operational efficiency.
Temenos software is proven to enable its highest-performing customers to achieve cost-income ratios of 26.8%, half the industry average, and a return on equity of 29%, or three times the industry average. These customers also invest 51% of their IT budget in growth and innovation versus sustainability, twice the industry average, proving that banks ’IT investments add tangible value to their business. .
For more information, please visit www.temenos.com.
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Jessica Wolfe and Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 at +44 20 7423 3857
Alistair Kellie and Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
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