Openbank, the digital bank of Santander Group, selects Temenos Core Banking
Powering the most digitally advanced, open banking experience
GENEVA, Switzerland, 11 October 2017 - further to the press release issued on 9th October 2017 announcing a global tier 1 bank had selected Temenos Core Banking, Temenos (SIX: TEMN), the software specialist for banking and finance, can today confirm that Openbank, the digital bank of Santander Group, has selected Temenos Core Banking to be implemented as Openbank's new core banking solution for retail and SME banking across its global operations.
Temenos' Core Banking solution is an integrated, upgradeable and scalable package built on an open banking architecture. Banks are able to utilise robust open APIs to operate collaborative business models, working with an ecosystem of third parties to add more value to their customers' financial lives. Temenos Core banking is already made available through public cloud, private cloud or on premise and is platform agnostic.
By adopting Temenos Core Banking, Openbank will be able to gain a deeper understanding of their customers and be fastest to market with new personalized products and services at a very low Total Cost of Ownership.
Openbank, which already has over one million customers today, will use Temenos Core Banking to drive domestic and international expansion and support the group digital strategy. Openbank is one of the first fully fledged digital banks in the world, with its software, APIs and client transactions running in the cloud, offering a complete range of banking and investment products through its digital platform.
David Arnott, Chief Executive Officer of Temenos, commented:
"Temenos is honoured to have been selected by Openbank to support them with their digital journey and growth plans. This is a highly disruptive and strategically important deal, demonstrating the acceleration in thinking among tier 1 banks as they move to their digital future and reinforcing Temenos' position as the partner of choice for the world's largest banks. To offer a truly digital experience which consumers demand, banks need to renovate their legacy systems. They see the benefit in adopting a build-and-migrate approach to minimise time-to-market and to extract maximum value."
Ezequiel Szafir, Chief Executive Officer of Openbank, commented:
"We are very excited to count on the know-how and speed to market that Temenos will provide us, as we continue to build one of the best digital banks in the world"
This is a material deal for Temenos and further information will be given when it reports its Q3 financial results on 18th October 2017.
Banco Santander is a leading retail and commercial bank, founded in 1857 and headquartered in Spain. It has a meaningful market share in 10 core countries in Europe and the Americas, and is among the world's top banks by market capitalization. At the end of June 2017, Banco Santander had EUR 1.65 trillion in managed funds, 131 million customers, 13,800 branches and 200,000 employees. Banco Santander made attributable profit of EUR 3.6 billion in the first half of 2017, an increase of 24% compared to the same period last year.