Temenos (SIX: TEMN), the banking software company today announced that Banco Ripley has gone live with Temenos Transact, the next generation core banking product.
The implementation was delivered 100% in the cloud and 100% remotely amidst the COVID-19 lockdown. Temenos’ digital core banking technology replaces Banco Ripley’s legacy IT system with advanced cloud and open API technology to provide digital experiences to more than one million retail store customers in Peru.
Banco Ripley selected Temenos Transact as one of its strategic initiatives to accelerate its digital transformation process. Temenos’ Model Bank approach delivers pre-configured, localized functionality and best practices, reducing the need for customization and decreasing timescales for delivery.
Temenos’ technology will support the bank in offering differentiated retail banking products, including accounts, time deposits and loans. Temenos’ digital banking platform supports Banco Ripley’s strategic objectives to increase its market share, and sustainable growth by optimizing its banking operations and reducing operational costs.
Temenos worked closely with Banco Ripley to deliver a remote implementation in the public cloud, providing expert support and consultation to ensure a smooth install and successful go live for the bank despite the national state of emergency. The implementation of Temenos Transact involved the integration of Banco Ripley’s 40 legacy systems and was concluded after 9,000 functional tests had been carried out on the new system. Temenos’ global partner, ITSS, supported the project.
Banco Ripley is the financial arm of Ripley Corp, a company comprised of retail, financial and real estate enterprises, with a strong presence in Chile and Peru. Ripley is one of South America’s leading retail operators, with more than 70 stores and three million financial clients across the region.
Samuel Sanchez, Director/General Manager Banco Ripley Perú, said: “We are excited to announce the successful implementation and go live of our state-of-the-art core banking solution. Our strategic relationship with Temenos supported a seamless digital transformation in Peru and brings us closer to our objective: ‘Empower TODAY, to impact the future of families.’ Temenos Transact provides a single solution on which we can simplify our operations and reduce cost, and provide exceptional banking experiences to our retail store customers.”
Enrique Ramos O’Reilly, Managing Director, Latin America & Caribbean, commented: “We are delighted to support Banco Ripley as they adopt powerful cloud-native technology and accelerate their digital transformation. Temenos has a rich history supporting banks in Latin America. Our established presence in the region and breadth of experience meant that, in spite of the global pandemic, we were able to support a quick and effective remote implementation for Banco Ripley. We see a great acceleration in cloud adoption as banks are turning to cloud and SaaS models to become more agile and gain speed to market. Now live on our market-leading core banking product, Temenos Transact, the bank can benefit from rapid return on investment and faster route to market powered by the best pre-configured practices of Temenos Model Bank.”