Temenos (SIX: TEMN), the banking software company, today announced that Municipality Finance Plc (MuniFin), one of Finland’s largest credit institutions, has selected Temenos T24 Transact, the next generation in core banking, to modernize its loan lifecycle system.
MuniFin is the only credit institution specialized in the financing and financial risk management of the Finnish public sector.
MuniFin is undergoing a digital transformation across its business operations. After an exhaustive selection process, MuniFin chose Temenos to revamp its lending system and consolidate its processes. Temenos’ API-first technology will provide the foundations for MuniFin to improve and simplify its lending IT architecture and future-proof its business.
Temenos offers the winning combination of the most complete, packaged functionality and the most advanced cloud-native, cloud-agnostic technology, which enables MuniFin to improve the efficiency of lending processes through integration and automation. Temenos’ modern and user-friendly solution will help MuniFin to introduce new processes and apply workflows that improve process efficiency, meet the market standards and client demands in the lending space.
The Temenos model bank approach of preconfigured country-specific functionality will also help MuniFin meet the evolving European regulatory requirements and business practices in an efficient and cost-effective way. The solution will also enable MuniFin to improve data quality; flexibly bring products to market without the need for additional IT resources. Temenos T24 Transact provides scalable and flexible technology, thereby ensuring that MuniFin can respond quickly to changing customer expectations, increase digitalization and focus on the enhanced customer experience.
Rainer Holm, Executive Vice President, MuniFin, commented: “We needed a strategic technology partner with robust, scalable technology to power our digital transformation. Temenos, with its deep expertise within the financial industry and its strong footprint in the Finnish market, as well as its global experience, emerged as the ideal partner and the most suitable solution for MuniFin. Temenos’ digital banking platform will enable us to streamline lending processes, gain greater agility and scalability, provide cost efficiencies across business and IT operations. With Temenos’ proven and open technology, we will improve our efficiency, data quality, increase digitalization and meet the evolving regulatory requirements. With this we will also be able to focus to our customers’ and provide more value to our owners.”
Steen Jensen, Managing Director Europe, Temenos, commented: “In the Nordics, and around the world, financial institutions understand the urgency to move away from legacy IT systems to modern packaged software running on the latest cloud-native, cloud-agnostic technology in order to operate efficiently and respond to the latest market opportunities and customer demands. Temenos software is proven to deliver tangible business benefits. The team at MuniFin understood that to develop their business they needed to digitally transform their operations. We’re delighted to work with MuniFin on this project.”