Temenos (SIX: TEMN), the banking software company, today announced that Telia Finance, an independent company acting as a finance engine for Telia Company, a leading telco with a Nordic/Baltic footprint, has selected Temenos T24 Core Banking as its financial technology platform.
Temenos’ technology will help Telia Finance achieve its goal of significant growth in its customer base.
Temenos’ packaged, modular banking software will enable Telia Finance to offer a wide spectrum of new lending and leasing products and services to its retail and corporate customers. It will also allow Telia Finance to drastically accelerate loan approval processes and enhance the client service it offers. Temenos T24 provides the multi-company, multi-country and multi-currency capabilities which are required to support the company’s future geographical expansion. The system also provides the flexibility which Telia Finance needs to scale its business in terms of the number of customers.
Temenos T24 is set to go live in four Nordic countries within 12 months. The system will be deployed in a single instance. The implementation will be based around Temenos’ Model Bank approach, which provides a pre-configured technology structure, including built-in compliance with regional requirements. In this way, Telia Finance will be able to ensure the quickest possible implementation timeframe.
Marcus Söderberg, COO, Telia Finance, said: “We have a heritage of being at the forefront of technology and innovation to better serve our clients. We want to make it possible for each of Telia Company's customers to find exactly the right solution to suit their requirements both now and in the future. We selected Temenos software so we can offer our customers innovative and competitive finance solutions tailored to their needs. Temenos’ cutting-edge technology will allow us to reduce time-to-market for a multitude of finance solutions for our retail and corporate clients, and enhance our levels of service. In the future, we will be able to quickly perform eligibility checks and approve, for example, a handset loan in less than a minute.”
David Arnott, Chief Executive Officer, Temenos, stated: “We are excited to be helping a market leader like Telia achieve its goals of introducing new and innovative digital finance services to its 24 million retail and corporate customers. The Nordics is a key market for Temenos where we have a significant presence and serve leading banks such as Nordea. Our partnership with Telia highlights a growing trend as telcos are looking to enhance their client experience and create new revenue streams by offering banking services to their customers. Telcos like Telia benefit from having an established client base as well as digital and mobile-centric capabilities which will enable them to offer their customers differentiated banking services. This is not only great news for the end user but also for Temenos as we expand our addressable market beyond incumbent banks.”