Hamilton Reserve Bank implements Temenos technology to add one million new customers

Hamilton Reserve Bank chose Temenos’ cloud-native core banking, payments, and digital banking technology to accelerate growth, automation, elastically scale and enhance efficiency

Temenos, the banking software company, today announced that Hamilton Reserve Bank, a leading global bank with a worldwide presence has completed its end-to-end transformation with Temenos. The unmatched breadth of Temenos’ front-to-back banking technology will help Hamilton Reserve Bank provide its customers across 150 countries with secure same-day worldwide payments and instant customer account access 24/7. With Temenos, pre-integrated with Temenos MarketPlace provider authID.ai, Hamilton Reserve Bank anticipates significant growth of its deposit base and wealth management services. The tight integration provides secure, accurate, and frictionless customer authentication experiences that allow automated customer e-onboarding within minutes while meeting the bank’s rigorous regulatory compliance requirements.

Headquartered in Saint Kitts & Nevis, the birthplace of America’s founding father Alexander Hamilton, Hamilton Reserve Bank serves a large and rapidly expanding global clientele. Planning for exponential growth by onboarding at least one million new customers in the next 12 months, Hamilton Reserve Bank required scalability, automation, agility, and a proven technology platform that would efficiently integrate banking solutions with its steadfast adherence to complete regulatory transparency, compliance, and risk mitigation. Hamilton Reserve Bank has implemented Temenos Transact, the next generation in core banking, and Temenos Payments to enable real-time transactions, and cross-border payments leveraging Temenos’ cloud-native platform which provides Straight-Through Processing (STP) rates of over 99%. Hamilton Reserve Bank also fully installed Temenos Financial Crime Mitigation (FCM) and Temenos Infinity to deliver a seamless, simple, transparent, compliant, and secure experience to its customers.

With AI-powered Temenos FCM embedded across the technology platform, Hamilton Reserve Bank benefits from the lowest levels of false positives in the industry at 2.5%. The bank completely scans all SWIFT transactions in real-time, screens watchlists, and leverages AI-based technology for suspicious activity prevention without detracting from a satisfactory customer experience.

Hamilton Reserve Bank leveraged authID.ai, a Temenos MarketPlace partner, to access innovative pre-integrated fintech solutions that complement Temenos technology. The bank deployed authID.ai’s government-grade biometric identity verification and multi-factor authentication processes to provide strong identity assurance, support automated, remote digital onboarding, and combat identity fraud and phishing.

Prabhakar Kaza, CEO, Hamilton Reserve Bank, said: “What our customers need most are comprehensive one-stop financial solutions that are fast, seamless, easy, fully automated, and compliant. We have chosen to partner with an established technology leader like Temenos, which has demonstrated successful cases around the world supporting large banks. Our decade-long, multimillion dollar investments into a broad range of Temenos solutions will enable Hamilton Reserve Bank to support our rapidly expanding client base, making us rise above and beyond customer expectations as a leading global bank.”

Enrique Ramos O’Reilly, Managing Director, Latin America and the Caribbean, Temenos, said: “Hamilton Reserve Bank and Temenos share a similar philosophy: Customer first. We are delighted to be a part of the bank’s outstanding growth journey, helping Hamilton Reserve Bank deliver efficiency, security, and a satisfactory customer experience. With the advanced Temenos technology, Hamilton Reserve Bank will be able to cost-effectively deepen its key strength in delivering fast payments and managing largely increased volumes. Temenos looks forward to being a part of Hamilton Reserve Bank’s continuing success for many years to come.”