Temenos (SIX: TEMN), the banking software company, today announced that specialist trade finance bank, IIG Bank (Malta) Ltd. has successfully gone live with Temenos Infinity, the ground breaking digital front office product, and Temenos T24 Transact, the next generation in core banking.
The bank also selected the Financial Crime Mitigation module, which is integrated within Temenos T24 Transact. The successful implementation of Temenos banking software will enhance the quality of customer service, support product agility and help the bank gain operational excellence.
For the first time, IIG Bank - a specialist corporate institution providing savings products, trade loans and documentary credit facilities - can offer its corporate customers differentiated services. This includes enhanced treasury cash management, deposit accounts and increasingly tailored lending to clients, as well as a wider range of documentary credit and trade finance functionalities. Through this, the bank aims to grow and expand its product offering, and bring products to market quickly, so that it can capitalize on increasing business opportunities from Malta with a global reach.
With Malta’s economy expected to grow by 5.2 percent of GDP this year, according to European Commission forecasts, and with the country’s Prime Minister calling for an increase in the number of banks and banking opportunities available to customers, the financial services sector is becoming increasingly competitive. Temenos’ packaged, highly scalable, customer-centric products will comprehensively cover IIG Bank’s needs.
Established in 2010, IIG Bank has a global presence within international trade and commodity finance, with best-in-class interest rates offerings to customers. The bank was looking to replace its legacy systems, which were highly restrictive and provided little scope for supporting new business operations. Temenos’ new digital banking platform allows customers to view up-to-date information all in one place while also easing regulatory demands for the bank.
Temenos worked closely with IIG Bank to provide a flexible solution, which meant the bank could make quicker decisions and tailor products to customer needs while also streamlining data recovery and giving information faster to customers and the regulator.
Raymond Busuttil, Managing Director & CEO at IIG Bank Ltd, said: “We are very pleased with the speed of the Temenos implementation. We are already seeing significant improvement which will enable further growth for IIG Bank. Corporate customers are demanding more from their banking experience and expect a seamless customer journey. We selected Temenos to future-proof our operations, enabling us to deliver a great customer experience going forward.
"Temenos has given us much more flexibility to be able to tailor deposit and trade finance products to specific customer needs. Temenos banking software is providing us with cutting-edge technology combined with the most complete functionality in private and corporate banking. As we continue to grow our market share and enhance our market position, Temenos’ agile technology is allowing us to focus on building a best-in-class service.”
Steen Jensen, Managing Director for Europe at Temenos, said: “I am delighted that this go live has been implemented successfully and that IIG Bank is already reaping the benefits. IIG Bank understood how our packaged, scalable, cloud-native banking software would benefit its operations. The bank can enter the new era of corporate banking and extend its range of services, reach a wider client base, develop new products and bring them to market quickly, to grow its business.
“IIG Bank is now able to make technology a selling point for its bank and services, rather than a mere back office platform. As the digital revolution continues to sweep the banking sector, and as the Maltese banking market in particular becomes increasingly competitive, it gives IIG Bank a unique and prominent position in the industry.”