Bank Leumi To Select Temenos For Core System Renewal

Bank Leumi To Select Temenos For Core System Renewal
04.08.2015 01:00 am

Bank Leumi To Select Temenos For Core System Renewal

Banking , Infrastructure

Temenos (SIX: TEMN), the market leading provider of mission-critical solutions to the financial services industry, today announces an agreement with Bank Leumi to commence a major project to renovate its existing outdated core systems with Temenos’ T24, its core banking software, and Temenos Connect, its solution for digital channels.

With this move the bank will progressively renovate its technology over a number of years, starting with a one-year project to launch a digital bank in Israel.  The project is expected to result in several million dollars a year in IT maintenance cost savings.

Dan Yerushalmi, COO, Bank Leumi, said:  “Our existing banking technology is built on multiple, complex outdated systems and is very expensive to operate. The move to T24 will give us a simple, flexible solution that will allow us to launch new services faster and at lower cost across our entire portfolio. Starting with the digital bank project in Israel gains us competitive edge in a greenfield market, while at the same time prepares us to roll out a global solution across all business lines.”

David Arnott, CEO at Temenos, said:  “In an industry where the cost of maintaining legacy systems takes 76% of banks’ budgets*, replacing existing systems with a modern, packaged digital platform allows banks to simplify their infrastructure, make massive efficiency improvements, and drive down costs. It also gives them the right real-time, customer-centric foundations to be able to offer rich, interactive customer experiences. The choice by Bank Leumi to progressively renovate legacy systems is an excellent way to speed up time to value while reducing risk.” 

Related News

Sberbank rolls out business-to-business supply chain app

Sberbank has launched a mobile app called Bank of Business Partners for Android. From now on, Android smartphone users of the ... Read more »

Shopify introduces major product launches, including Shopify Balance and Shop Pay Installments

Shopify Inc., a leading global commerce company, announced new and updated products at ... Read more »

Neobank Jingle Pay chooses W2 to power its new Super App for the Unbanked

W2, the leading provider of real-time digital solutions for global regulatory compliance, announced today that it has joined forces with neobanking group... Read more »

NatWest research: UK small businesses accelerate transition to cashless during pandemic

UK SMEs are moving to accept card and contactless payments at an increasingly rapid rate as a result of the coronavirus crisis, according to findings published today by... Read more »

Ant Group releases 2020 CSR Report: digital technology can help create a better future

Ant Financial Services Group (“Ant Group”) has released its 2020 Corporate Social Responsibility (CSR) report,... Read more »

Nearly one of three consumers is past due on at least one bill - due to COVID-19 pandemic, new ACI Worldwide research reveals

Nearly one of three consumers (27%) is past due on at least one bill and nearly 50 percent will need up to a year to catch up on bills due to the COVID-19 pandemic, according... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel