By Edlyn Cardoza
Temenos, the world’s leading open platform for scalable banking, announced that NIBank has gone live with Temenos to digitally transform retail banking and private wealth businesses. Temenos Cloud Banking supports daily transactions, wealth management and lending.
Based in Antigua and Barbuda, NIBank serves clients in the Caribbean, Latin America and Europe. The bank needed a technology partner with global expertise, multi-currency capabilities, advanced technology and proven reliability for its modernization project. The Temenos Banking Platform will provide NIBank with the flexibility, agility and the latest cloud-agnostic technology to adapt to new and developing trends such as banking-as-a-service (BaaS). By leveraging its forward-looking strategy and Temenos’ expertise in partnering with BaaS providers such as Green Dot, Vodeno and Mbanq, NIBank can create new revenue streams through banking and non-banking partnerships.
Jordán Silva Tugues, Chief Executive Officer of NIBank, said, “Investing in technology has been one of our priorities for the past few years. We chose TEMENOS for its global leadership and expertise in serving more than 3,000 financial institutions, and the flexibility to leverage the platform based on the size and needs of the bank. Modernizing our technology with TEMENOS Banking Cloud will enhance our digital customer experience, increase efficiency and propel us to the forefront of banking in the digital era. We are very excited about the success of the project so far, and where we are going next.”
As part of its mission to boost 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 allowed it to grow to 25,000 active cards today, with plans to expand relationships with global card giants MasterCard and UnionPay International. In the digital age, it is important that the experience is fast, easy and simple.
Temenos has been developing and investing in modern technology for almost 30 years. Temenos Banking Cloud enables financial institutions to easily bundle Temenos banking services and third-party solutions with configurable banking capabilities. The platform’s openness and built-in APIs will enable NIBank to create a fully integrated ecosystem of technology and financial services partners.
“Disruptive technologies and changing customer demands have disrupted the banking value chain. The rise of embedded finance means that banking no longer has to happen in banks, he said Enrique Ramos O’ReillyManaging Director – Latin America and the Caribbean, Temenos. “With TEMENOS, NIBank can offer banking services through retailers and other companies while continuing to build its direct customer relationships. We are delighted to be working with NIBank to modernize its technology and launch it into a new phase of growth and innovation.”
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