Temenos (SIX: TEMN), the market-leading provider of mission-critical solutions to the financial services industry, today announces that it has signed a deal to provide FirstOntario Credit Union with its award-winning core banking system, T24, and its business intelligence solution, Insight. FirstOntario is one of the 20 largest credit unions in Canada, 50% of which already use Temenos’ business intelligence suite.
Temenos was selected due to its deep understanding of the financial services sector, and its continued investment in the Canadian Model Bank. The latter was particularly important as the credit union only serves the Ontario market, and its business strategy is to better cater for the banking requirements of the local mass market. In addition, it was essential that the banking system supports Canadian specific requirements, including taxation, deposit insurance and registered retirement products, and was capable of interfacing with other typical Canadian third party providers, such as switching for debit card processing, loans origination and clearing.
Temenos’ solutions will replace FirstOntario’s existing system, allowing the credit union to quickly launch products that are suited to the local market and have the scalability for future growth. In addition, Temenos’ business intelligence solution will enable FirstOntario to transform customer data into predictive insights that will guide decisions and interactions, in turn increasing customer retention.
Russell Taylor, Regional Director North America at Temenos, commented: “We are delighted to have signed a deal with FirstOntario Credit Union to provide our core banking system and business intelligence solution. T24 will play a large part in the credit union’s future growth, enabling it to renovate its systems to improve efficiency and, together with cutting edge analytical capabilities, build greater customer intimacy for retention. Also, Temenos’ recent announcement on the US acquisition of Akcelerant, gives us further depth and scale and a wider set of products to customers.”
Kelly McGiffin, President and CEO, FirstOntario Credit Union, said: “We are very pleased to have selected Temenos as our new banking software provider. Our choice was based on the quality of the solution and their solid investment in Canada, which gave us confidence that it had the regional experience necessary to support us through the next phase of growth. We selected Temenos from a very strong field of solution providers, through a rigorous and exhaustive selection process. During this process, Temenos demonstrated its value as a trusted partner and advisor prepared to support our vision for growth. ”