Temenos continues to build momentum in the United States
Six months after Temenos launches new growth strategy in North America, the company continues to expand presence
MALVERN, PA (August 31, 2016) — Temenos (SIX: TEMN), the software specialist for banking and finance, announced a strong first half in sales and implementations, demonstrating the global company’s momentum in the United States. Temenos’ success across the financial services industry, from credit unions to top tier banks, follows an organizational alignment this past February, unifying the management team in preparation for Temenos’ aggressive growth strategy in the region. During this expansion, a top 20 U.S. bank successfully went live on Temenos’ award-winning Core Banking platform and Payments hub, becoming the first Tier 1 bank to do so in the United States. While Temenos’ technologies are currently used by leading financial institutions in Europe, Asia, the Middle East and Africa, this announcement marks the first implementation of the Temenos Payments hub in the United States, and the first Core Banking implementation of a Tier 1 Bank in the United States.
Over the past six months, Temenos has witnessed steady growth across product lines. Since February, the Lifecycle Management Suite has been selected by 16 financial institutions, including Alaska-based Credit Union 1, a $1 billion organization which is implementing the Temenos Account Origination, Loan Origination, Collection and Recovery modules.
Terri Colson, Senior Project Manager, Credit Union 1, commented: “During our discussions, Temenos was able to demonstrate several major areas where the Lifecycle Management Suite could increase our efficiency, and we really connected with their philosophy. By consolidating platforms we have been able to break down the silos between our departments, foster collaboration across divisions, and streamline our processes.” For the first time, Credit Union 1 has been empowered to customize the experience they offer for each of their 86,000 account holders, whether they make contact online, through mobile or in person with a branch employee.
Under the new growth strategy, Temenos has also signed 20 banks and credit unions to join over 1,000 other customers who utilize Temenos’ market-leading Risk & Compliance products. With recent industry reports indicating that, in a span of five years, regulatory fines rose 45 times over the original fees, these institutions have set themselves up for success. With Temenos Compliance Services, a module within the Risk & Compliance product family, these institutions can efficiently navigate the complex regulatory landscape. Customers benefit from access to compliance manuals, a Temenos-run forum, and subject matter experts with extensive expertise in regulatory matters such as BSA/AML, Fair Lending, MLA and HMDA.
Jay Mossman, CEO of North America, Temenos, said: “Temenos’ cutting-edge technology empowers progressive financial institutions to transform their businesses in order to stay ahead of an ever-changing marketplace. This is a goal we take to heart. The progress we’ve made over the last six months with community banks, credit unions and top tier banks shows that our message and our products are resonating with the financial services industry in the United States. With our continued focus on the financial services market, we are positioned for success, and I look forward to the opportunities that lie ahead.”
Temenos AG (SIX: TEMN), headquartered in Geneva, is the world’s leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic front office and core banking, payments, fund management and wealth management software products enabling banks to deliver consistent, frictionless customer journeys and gain operational excellence. Temenos software is proven to enable its top-performing clients to achieve industry-leading cost-income ratios of 25.2% and returns on equity of 25.0%, 2X better than the industry average. These clients also invest over 53% of their IT budget on growth and innovation versus maintenance, which is 2.5X the industry average, proving the banks’ IT investment is adding tangible value to their business. For more information, please visit www.temenos.com.