Romania-based Libra Internet Bank has a reputation for innovation, having launched the country’s first 100% online accounts and loans. It is one of the market leaders for partnerships with financial institutions and fintechs in the European Union. Libra will leverage Temenos’ composable, scalable platform to add other payment rails in future, bringing them together in a single, efficient platform. This will support the bank’s growth plans to double payments volumes over the next five years.
“Using the latest technology to improve the products and services that we offer to our customers is one of our core values at Libra Internet Bank. Temenos has enabled us to modernize our operations and remain at the cutting edge of innovation in the Romanian banking sector. Temenos Payments will build on this success by allowing us to improve more quickly in the payments space, bringing faster, more reliable cross-border payments services to our customers and fintech partners.”Cristina Mahika-Voiconi, General Manager at Libra Internet Bank
Libra Internet Bank is already using Temenos for core banking. The decision to upgrade Temenos core banking is the culmination of the changes that Libra Internet Bank made to all its electronic and online applications throughout 2013. In less than one year, Libra reconfigured its Internet Banking platform and added tens of new functions, launched the Libra Mobile Banking service and extended the cut-off time for most operations, during evenings and non-working days.
“We’re always feeling that our necessities are the number one priority for Temenos, and every time we had an emergency, Temenos was instantly beside us, with the perfect solution and the right people to implement it. “Spokesperson at Libra Internet Bank
Adding Temenos Payments will allow the bank to simplify and standardize its payments operations on a flexible, efficient platform, increasing Straight Through Processing (STP) rates and enhancing customer servicing. The platform will support the new ISO 20022 based cross-border payment and reporting standards, expanding data transparency and payment tracking services. Libra Internet Bank will also be able to improve its sanctions screening processes, for which it uses Temenos Financial Crime Mitigation solution, by standardizing on robust, scalable integration points with Temenos Payments. Temenos offers a single platform across all banking verticals and business segments, including payments and core banking, and as a result Libra will benefit from higher investment in R&D. With Temenos, the bank will be able to progressively replace its payments legacy systems and accelerate time to value.