Chile's LarrainVial replaces legacy system with Temenos

Source: Temenos

Temenos (SIX: TEMN), the software specialist for banking and finance announces the successful go live of LarrainVial on Temenos’ award-winning Core Banking platform.

With the implementation, LarrainVial has replaced their legacy system with a scalable solution that streamlines the experience for their 50,000 clients and can support LarrainVial’s growth throughout the Americas including in Chile, Colombia, Peru, and the United States.

During the evaluation process, Temenos was able to demonstrate its continuous investment in and development of the Core Banking platform, with annual releases incorporating the newest best practices, the latest advancements in technology, and updated to ensure compliance with new and upcoming regulations. This ongoing commitment means that not only will LarrainVial receive today’s cutting-edge technology, they will never run the risk of running on a legacy system again.

The implementation was conducted with a phased approach, allowing the client to strengthen their testing model, identify areas for risk management, and ensure appropriate documentation was in place in order to provide the smoothest, most secure transition for their clients.

Since going live on the Temenos platform, LarrainVial has seen a decrease in operational times, and improvements in the customer experience due to simplification of their system architecture with Temenos’ centralized offering.

Juan Luis Correa, CEO, LarrainVial commented: “With the replacement of our legacy technology, and the implementation of the Core Banking platform, LarrainVial will be able to scale as we continue to grow, and we’ll be able to quickly take innovative solutions and financial services products to market. With Temenos’ global expertise, we will be able to leverage technology that is continuously enhanced with best practices and advancements from around the world, while providing an optimized experience to our clients with a multi-product, multi-currency real-time offering on a single platform.”

Enrique Ramos O’Reilly, Regional Director, at Temenos commented: “With any legacy system, the challenge you face is that you must continuously modify the system to operate in a way that it was not intended to in order to meet evolving requirements and customer behaviors. By implementing the Temenos Core Banking platform, LarrainVial is implementing technology that was not only designed for the customers of today, but also for the customers of tomorrow, with built-in future-ready capabilities and an open banking platform with an eye toward integrating upcoming technologies. By progressively renovating their technology, they are now able to take advantage of simpler architecture and cutting-edge technology with minimized risk.”

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