Temenos (SIX: TEMN), the banking software company, announced today that Eurobank Group has selected Temenos Infinity, the breakthrough digital front office product and Temenos T24 Transact, the next generation in core banking system, to enhance its business agility and secure significantly lower deployment costs. The group has opted for a full IT renovation program of its subsidiaries to drive its digital transformation starting with Eurobank Cyprus.
The bank has also opted for Temenos’ WealthSuite to decrease time to market for new innovative products and services and streamline straight-through-processing for wealth management processing across its operations particularly for its affiliates in Cyprus and Luxemburg that are focused on private banking. WealthSuite is a full front-to-back integrated and digital wealth management solution and it is integrated with Temenos T24 Transact, which is built on an open banking architecture. The bank will also be powered by Temenos Analytics for its marketing campaigns. The products run on Temenos’ most advanced cloud-native, cloud-agnostic and API-first banking platform, the culmination of the most complete functionality in the market, leveraging 25 years of banking functionality from 3,000 banks in over 150 countries.
The implementation of the project at Eurobank Cyprus is the first step in the context of Eurobank’s wider digital transformation project. Eurobank Private Bank Luxemburg will follow shortly while Eurobank Bulgaria AD (Postbank) and Eurobank AD Beograd (Serbia) are in the roadmap afterwards.
Thanks to the use of API-first technology coupled with a series of deployment tools, Eurobank’s developers can build applications in the morning which shall be available for consumption in the afternoon, taking hours instead of weeks to make changes, saving therefore time and money while products and services will be continuously improving for the Bank’s customers.
Established in 2007, with € 5 billion in assets, Eurobank Cyprus is an award-winning bank, and the strongest among Eurobank Group’s international operations. Anticipating further growth of its operations, Eurobank Cyprus shall benefit from Temenos’ upgradeable and scalable banking software which will support the bank in meeting its strategic goals towards achieving operational excellence, optimizing internal processes, launching innovative products and services to the market at a faster rate while meeting the needs of its growing customer base and the evolving demands of the regulatory environment in the developing Cypriot economy.
Stavros Ioannou, Deputy Chief Executive Officer and Group Chief Operating Officer, Eurobank, commented: “The cornerstone of our growth is a commitment to our customers, towards shaping advanced relationships and providing them among other things with high quality service and a vast variety of innovative and tailor made products. Temenos’ state of the art technology will enable our bank to build further on this commitment, placing it in the forefront of innovation and spearheading the implementation of our digital transformation journey which is a vital target for us, taking also into consideration the strong international character of Eurobank Group. We look forward to this cooperation, as this is the first stage in the wider implementation of Temenos banking software across the group.”
Steen Jensen, Managing Director, Europe at Temenos said: “We are delighted to partner with Eurobank Group for its digital transformation project. By choosing Temenos Infinity and Temenos T24 Transact, Eurobank is implementing the most complete cloud-native, cloud-agnostic digital front office and core banking products. Temenos WealthSuite will also enable the bank to significantly enhance client engagement through its advisors and self-service digital execution. Using API-first technology and design-led thinking, new changes to banking software can be rolled out in hours instead of weeks. This will boost Eurobank Group’s product innovation and allow for operational excellence enabling it to thoroughly prepare for future growth and expansion.”