Temenos (SIX: TEMN), the software specialist for banking and finance, today announces that Finabank, the fourth largest commercial bank in Suriname, has signed for Temenos T24 Core Banking, Channels, Business Intelligence and Financial Crime Mitigation.
This combination will help propel Finabank’s efforts in business, retail and platinum banking, as part of Finabank’s objective to lead the financial services industry in Suriname.
Finabank is undergoing rapid expansion, tripling its assets within a three-year span. Finabank has opted to migrate to Temenos’ technology to support the bank’s continued growth and to provide enhanced services to its customers. The implementation will provide the bank with enhanced ease-of-use, such as an intuitive user interaction design, multi-lingual capabilities for its Dutch and English-speaking base, insight into customer data and a flexible architecture that allows for customization and integration. Key security features such as role-based authorization and the use of biometrics for customer and user identification ensure that the bank’s data will remain safe as it continues to innovate and modernize its approach. Paired with Temenos' Financial Crime product family, the bank will have access to a range of fully automated, highly efficient and effective analytical modules, to quickly identify the likelihood that a financial crime has occurred and protect its customers. The project will be implemented over 18-24 months.
Eblein Frangie, CEO, Finabank, commented: “At Finabank we seek to provide tailored financial solutions fully aligned with our customers’ needs. During our selection process, Temenos demonstrated a clear understanding of our business objectives, and how to achieve these with its proven technology. With the flexibility of the new platform, we will be able to respond to market needs and create new value-added products and services as we grow. Our customers will gain a modern front-end experience, with greater accessibility across channels, while receiving the value that comes from a secure, streamlined technology foundation on the back-end. We look forward to offering a cutting-edge digital experience to our customers with Temenos’ technology.”
Jean-Michel Hilsenkopf, Chief Revenue Officer, Temenos, stated: “We are delighted to welcome Finabank to the Temenos family. Our extensive experience in the Latin America region, combined with the strength of our innovative and upgradeable packaged software, will help the bank execute its growth plans and deliver on its digital strategy. With Temenos core banking platform, Finabank will now offer unparalleled experiences to its clients and tailored products and services at the speed of their demands.”
Ashok Sharma, Director - Americas, Sofgen, added: “Sofgen has been a key facet of this project from the start, offering input during the core banking system analysis and evaluation, leading to the selection of Temenos. This back-to-front renovation project will result in a truly digital bank, greater access for the bank’s customers, even in the most rural parts of Suriname, and a seamless customer experience. We look forward to working with Finabank and Temenos to make this vision a reality. We are happy to work alongside Temenos and the bank to implement the T24 platform and transform the bank for future success.”
Contributed | what does this mean?