Temenos (SIX: TEMN), the software specialist for banking and finance, today announces that Federacion Nacional de Cooperativas de Ahorro y Credito (FENACOAC) has selected Temenos' RetailSuite to drive growth across their 25 cooperatives that operate under the brand MICOOPE.
Temenos' award-winning core banking platform will enable digitalization and reduce the cost of operation, with its open and flexible technology, and its integrated solutions for business intelligence, financial crime mitigation, anti-money laundering, and channels.
Managing 4.5 million accounts and growing, MICOOPE knew that they wanted to convert from their legacy system to a modernized core banking platform that could scale to meet their future needs. Just as importantly, it need to have the capability to serve a rural population. The first phase of the project will focus on mobile and online banking, a key part of MICOOPE's growth strategy to expand access to their services beyond their 263 branches.
The implementation will be conducted across all 25 cooperatives in a multi-company environment, which will also enable any future member cooperatives to benefit from the platform. With Temenos' business intelligence offering, the federation FENACOAC will have greater insight into their full organization, and be able to use that data to develop their growth strategy going forward. This multi-company environment style of implementation allows the cooperatives to take advantage of the economy of scale, while also gaining access to world-class technology.
Enrique Ramos O'Reilly, Regional Director at Temenos commented: "Our model bank will ensure that they are in compliance with all of their local regulations, while our multi-layer approach will enable them to configure the system to their specific needs. The open nature of the platform will allow them the flexibility to offer creative products and services to a large and diverse population. It's a win for the cooperatives, who will be able to lower their operating costs and deliver on their growth strategy, and it's a win for their members, who will gain greater access to secure financial services. We'd like to thank FENACOAC and the MICOOPE cooperatives for trusting Temenos to help them deliver this strategic initiative, and we look forward to our continued partnership."
Oswaldo Oliva Vidal, CEO at FENACOAC commented: "During the past years at the World Credit Union Conference (WOCCU), we were able to see Temenos' commitment and expertise in the credit union sphere. As we continued our discussions with Temenos, they demonstrated superior functionality that will enable us to easily and quickly configure and launch new products across our 25 member cooperatives, and industry leadership in the microfinance space. With this platform, we will also be able to reach even the most rural of our account holders, bringing much needed financial services to an important segment of our community."