IIG Bank, a specialist trade finance bank based in Malta, will leverage a pair of solutions from Temenos to offer its clients a wider variety of differentiated services from treasury cash management and deposit accounts to documentary credit and trade financing. The bank has gone live with Temenos Infinity, a digital front office platform, as well as Temenos T24 Transact, the firm’s next generation core banking solution.
“Temenos has given us much more flexibility to be able to tailor deposit and trade finance products to specific customer needs,” IIG Bank Managing Director and CEO Raymond Busuttil said. “Temenos banking software is providing us with cutting-edge technology combined with the most complete functionality in private and corporate banking.”
The new technologies will replace legacy systems that IIG Bank said had become both highly restrictive and unable to support new business initiatives. In the context of the country’s anticipated GDP growth of more than 5% this year, IIG Bank believes Temenos’ technology will help it compete in a financial services sector that is becoming more competitive.
Praising the speed of the Temenos implementation, Busuttil added that the partnership will help the bank respond to current demand as well as better prepare for the challenges of the future. “We are already seeing significant improvement which will enable further growth for IIG Bank,” he said. “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.”
The partnership with IIG Bank is the second big fintech announcement from Temenos this week. The Geneva, Switzerland-based banking software provider teamed up with Mizrahi-Tefahot, the third largest bank in Israel, to replace its capital market systems with Temenos T24 Transact.
Recognized last month by Gartner Magic Quadrant as a Leader in Global Retail Core Banking, and at the Finnovex Awards for Excellence in Digital Banking, Temenos demonstrated its Connect Mobile Banking solution at FinovateEurope 2015. The company is also an alum of our developers conference, presenting its B2B Financial Apps Marketplace at FinDEVr Silicon Valley 2015.
Temenos was founded in 1993. Max Chuard, who joined the company as Chief Financial Officer in 2012, was appointed CEO in February.