Skip navigation

Temenos and Foranx complete Core Banking upgrade at Credo Bank

Over 1 million accounts now running on latest Temenos software


GENEVA, Switzerland – September 29, 2017 – Temenos (SIX: TEMN), the software specialist for banking and finance and ‘Foranx LLC’, Belarus announce the successful upgrade of Temenos’ Core Banking platform at Credo Bank.

The upgrade was a collaborative effort between Temenos, Credo and Foranx, a certified Temenos services partner. During a span of just three months, Credo assisted in upgrading the bank’s technology by four versions, including analyzing and adopting local developments, and installing new modules.

Credo, based in Tbilisi, Georgia, has set itself a mission to provide sustainable financial services for micro, small and medium business in an effort to increase revenue and reduce poverty in their community. Starting out as a fund for entrepreneurs, the organization has since grown into a financial services provider for over 223,000 people.

Sandro Kumsiashvili, CIO, Credo Bank shared:

“We chose to upgrade our core banking platform in order to offer our customers products powered by the most up-to-date technology available, as we continue to take advantage of real-time transactions and comprehensive insight into the customer relationship. Upgrading to the current standard release ensures that we continue to operate on the most current technology, while also increasing efficiencies and reducing costs.”

Noah Kraehenmann, Director of Sales, at Temenos commented:

“Collaboration is vital in order to achieve growth and the best customer outcomes, which is why we’ve made it a key facet of our strategy, with system integration firms like Foranx in order to deliver our platforms. Technology is constantly evolving, so in order to remain relevant, we must evolve as well, which is why Temenos continuously invests in its products based on current customer requirements and innovations from our labs. Our software is packaged, and easily upgradable, ensuring that our customers can easily access the latest advancements in technology, and never have to run on legacy software again.”

Sergey Nosan, CEO, Foranx, noted:

“At Foranx, we specialize in business analysis, local development, and implementation of banking systems. We take pride in the expertise we provide in order to deliver our projects in budget and on schedule, and we’re thrilled that Credo has already begun to see benefits from the implementation as it grows past its milestone of one million accounts.”