North International Bank enters banking-as-a-service space with Temenos
Temenos (SIX: TEMN), the world’s first open platform for composable banking, today announced that North International Bank (NIBank) has commissioned Temenos to digitally transform its retail banking and management business private.
Temenos Banking Cloud supports daily transactions, wealth management and loans.
Based in Antigua and Barbuda, NIBank serves clients in the Caribbean, Latin America and Europe. For its modernization project, the bank needed a technology partner with global expertise, multi-currency capabilities, cutting-edge technology and proven reliability. The Temenos banking platform will provide NIBank with the flexibility, agility, and latest cloud-agnostic technology to adapt to new and developing trends such as banking as a service (BaaS). Leveraging a forward-looking strategy and Temenos’ expertise in working with BaaS providers such as Green Dot, Vodeno, and Mbanq, NIBank can create new revenue streams through banking partnerships and non-banks.
As part of its mission to drive economic growth and provide innovative financial services, NIBank has built a strong customer base around prepaid and credit cards. NIBank’s investment in technology, including the Temenos platform, has seen it grow to 25,000 active cards today, with plans to expand its relationships with global card giants MasterCard and UnionPay International. In the digital age, it is essential that these experiences are fast, easy and simple.
Temenos has been developing and investing in modern technology for nearly 30 years. Temenos Banking Cloud enables financial institutions to easily assemble Temenos banking services and third-party solutions with composable banking capabilities. The openness of the platform and the integrated APIs will allow NIBank to create a fully integrated ecosystem of technology and financial services partners.
Jordán Silva Tugues, CEO of NIBank, said: “Investing in technology has been one of our top priorities over the past few years. We selected Temenos for its global leadership and expertise in serving more than 3,000 financial institutions, as well as its flexibility to leverage the platform based on bank size and needs. Modernizing our technology with Temenos Banking Cloud will improve our digital customer experience, increase efficiency and propel us to the forefront of banking in the digital age. We are very pleased with the success of the project so far and the direction we will take next. »
Enrique Ramos O’Reilly, Managing Director – Latin America and Caribbean, Temenos, said, “Disruptive technologies and changing customer demands have led to an unbundling of the banking value chain. The rise of integrated finance means that banking no longer needs to be done within a bank. With Temenos, NIBank can offer banking services through retailers and other businesses while continuing to build on its direct customer relationships. We are excited to work with NIBank to modernize its technology and launch it into a new phase of growth and innovation.