Temenos (SIX: TEMN), the banking software company, today announced that Isracard, the largest credit card company in Israel, has selected Temenos T24 Core Banking. Temenos’ digital open banking platform will help Isracard achieve its strategic goal of simplifying its systems architecture, and enabling the credit card provider to enhance the digital experience for its customers.
Isracard was looking for a partner that could simplify the firm’s internal processes IT architecture. Temenos’ highly scalable, real-time banking platform will set the new foundation to help Isracard improve the digital experience for its customers and launch innovative products and services faster to the market.
Temenos T24 Core Banking will provide Isracard with agile technology, thereby ensuring that Isracard can evolve to meet both the changing needs of its customers and adapt to the fast-changing regulatory environment. Structural regulatory measures in Israel, are aimed at lowering the barrier to entry for nontraditional financial services players to offer banking services.
Shai Vardi, CIO, Isracard, commented: “It is really important that we have a single view of our customers’ information in order to offer products and services. We selected Temenos as our technology partner to future-proof our ongoing growth, and because of its 25 year of experience and domain expertise in delivering state-of-the-art software in Israel and around the globe. With Temenos’ flexible, packaged T24 Core Banking, we will be able to move from a product-centric to a customer-centric business model, thereby delivering best-in-class service to our customers.”
Laurent Bramy, Regional Director, Temenos, said: “We are excited to be working with Isracard, the market leader in Israel. Competition has increased within the country, with the Israeli regulators making it easier for new entrants to overcome the traditional barriers to entry, and with insurance companies being granted permission to establish their own digital banking offers. We see Israel as a key market of growth with financial services institutions embarking on digital transformation projects to combat competition and offer innovative and compelling banking experiences to their customers. The team at Isracard understood the need and the real opportunity that streamlining their operations could have in creating a customer-focused proposition. We are delighted to have been chosen as Isracard’s core partner as it continues its exciting ambition of expanding its reach.”