Temenos (TEMN:SW), the market leading provider of banking software, today announced that LarrainVial, one of Chile's most prestigious financial services groups with offices in Chile, Peru, Colombia, Mexico, Brazil and the United States, will replace its legacy core banking system with TEMENOS T24 (T24).
The institution will deploy T24 to support its retail banking clients' domestic and international holdings.
In order to better respond to its clients' increasingly sophisticated needs, LarrainVial needed a new core banking system that was able to support both its domestic and new international products and services from one platform. This will enable the company to increase its business agility by delivering a single enterprise view to rapidly offer a broad range of highly personalized services, as well as reduce systems complexity and associated costs.
After considering local vendors, LarrainVial chose Temenos based on the functional richness and product superiority of its internationally acclaimed T24 system and the geographical and operational diversity of its 1,500 strong installed base. Temenos' industry leading levels of R&D investment showed LarrainVial its commitment to product development and support. In addition, Temenos stood out as the only vendor with 100% positive client references, compared to other vendors evaluated.
"When considering how to best grow our business and support our clients, we knew we needed a technically robust and functionally rich core banking system. We had already made significant investments to update our technology; T24 was the only system that matched our sophisticated technical architecture," said Juan Luis Correa, LarrainVial's COO. Jorge Verdejo, LarrainVial´s CPO added: "We took into account the feedback and satisfaction of Temenos' clients", he said.
Greg Green, President, Temenos Americas, added, "We are delighted to add LarrainVial to our growing list of Americas clients. LarrainVial conducted a thorough review process across the core banking software market; we are proud that LarrainVial selected T24 as best suited to meet their requirements today and into the future. We look forward to growing our relationship and contributing to the bank's future success."