IIG Bank (Malta) Ltd

• One of the first banks in Malta to go live with SEPA Instant Payments.
• Transaction times reduced to seconds, with 24/7 availability.
• Compliance with SWIFT CBPR+ and TIPS, the European Central Bank’s instant payment settlement platform.

IIG Bank (Malta) Ltd., established in 2010, is a fully licensed credit institution regulated by the Malta Financial Services Authority (MFSA). The bank specializes in structured, supply chain trade finance promoting international trade and commodity finance in emerging markets. Despite having a team of fewer than 50 employees and a small IT department, it ranks as the 13th largest bank in Malta.

Al Ziyani understood that proactive innovation alone would not be enough. The bank would also need to keep pace with a continually evolving regulatory climate, to ensure any new products and features were compliant. And in 2024 and 2025, he was proven right, as IIG faced a significant challenge in adopting the upcoming SWIFT CBPR+ and SEPA Instant Payments regulations. As the bank’s operations evolved, so did its technology needs. To support future growth and ensure compliance with evolving regulations, the bank recognized the importance of a modern payment’s infrastructure, one that offers greater automation, interoperability, and scalability.

But the bank’s ambitions extend beyond Malta. “We have a global outlook,” said Heytem Al Ziyani, Head of IT at IIG Bank. “We aim to support customers and provide financial services wherever they are. “Digital is core to this vision”; but an outdated core banking system proved an obstacle to progress. “We see lots of opportunities to improve and to provide better services to our clients; but without the right technology in place, they can only be ideas.” The Bank took a bold step forward in 2017 when it adopted Temenos as its core banking system and partnered with Stoics IT for the first time for implementation.

IIG Bank turned to Temenos a trusted partner since 2017, and implementation specialists Stoics IT, recently acquired by Bahwan CyberTek (BCT), to design and execute a fast-track implementation plan. “As a small team, we work closely and collaboratively with our partners,” said Al Ziyani.  “So, getting the right fit – not just the technology, but crucially the right team too – is always a big decision for us. We ask questions: Do we fully understand the scope of these new regulations? How will they impact our systems and the services we deliver to our customers? And what actions do we need to take?”

These were the key topics to focus on and to address by the bank, Temenos and BCT. By bringing all parties together from the outset, the bank ensured alignment and collaboration throughout every phase of the project. This comprehensive coordination is essential in any modernization effort, enabling the team to move swiftly and effectively. “Precision and efficiency are key, we focus on getting every step right the first time,” said Al Ziyani.

And they were. In just six months, the bank upgraded its Temenos core banking system to R24 AMR release and implemented the instant payment module TIPS (the European Central Bank’s instant payment settlement platform) within its existing Temenos Payments Hub (TPH) environment. This was followed by the successful finalisation of SWIFT CBPR+.

Go-lives were achieved in quick succession: the Temenos core banking system upgrade in December 2024, instant payments in January 2025, and SWIFT CBPR+ in June 2025. “We delivered major go-lives within months. For a financial institution with a lean but well-rounded team across all departments, this was a significant achievement.”

The implementation of TPH and the system upgrade to R24 AMR release has brought full SEPA compliance, enabling seamless cross-border transactions across Europe. The bank can now process SEPA transactions in less than 10 seconds, with 24/7 availability. All transactions are automatically screened and reconciled, with no manual intervention required. Additionally, the move to the Temenos core banking system means the bank can integrate with other European digital platforms, and EU customers can now open accounts and manage transactions entirely online from anywhere in the EU.

“Imagine a German depositor opening a term deposit at a Maltese bank, with no branch presence in Germany, acting completely online, no manual intervention and no delays. That’s the power of this transformation,” Al Ziyani added. “The number of requests we now receive online to open accounts versus the traditional method of visiting our Malta branch… it’s incredible.”

Platform stability and performance have also improved, supporting the bank’s growing digital network and reducing reliance on manual intervention.

IIG Bank chose to expand with Temenos because of the platform’s ability to scale through automation and integrations, ensuring consistency with their lean operating structure.

The relationship goes beyond the product. Market expertise and a proactive approach during exchanges, especially when seeking solutions to the evolving requirement to remain compliant and meet regulatory expectations, are key ingredients of how Temenos continues to support its clients. “2024 and 2025 brought major changes in our sector. Temenos was with us for every step, helping us plan, adapt, and deploy effectively and on time,” Al Ziyani explained.

With the upgrading of the core and the payments layers, IIG is exploring automation in areas such as customer onboarding and fraud detection. Temenos Financial Crime Mitigation (FCM) already plays a central role in AML and transaction screening, and AI is firmly on the roadmap for future capabilities.