GENEVA, Switzerland – 18 February 2014 – Temenos (SIX: TEMN), the market-leading provider of mission-critical solutions to the financial services industry, today announces that it will be providing Banesco Grupo Financiero Internacional with a suite of products, including T24, Temenos’ award-winning core banking system, to support its global strategy.
Banesco, the largest bank in Venezuela, took the decision to replace its core banking system across the entire group. This replacement covers both its retail and corporate businesses, and will consolidate the bank’s existing IT infrastructure, reduce the time-to-market for new products and reduce operating costs, thus driving both incremental revenues from new products and services and improving the group’s overall profitability.
As well as implementing T24, Temenos will be providing Banesco with Insight, its business intelligence solution, Temenos Connect, its solution for multi-channel banking, and with its anti-money laundering suite. The full product suite will be rolled-out across the group’s operations in Venezuela, Panama and the Dominican Republic.
With more than USD 30 Billion in assets, over 6 million customers and more than 500 branches, Banesco has, over the past six years, seen its asset base grow rapidly at a CAGR of 22%, and has recently announced a deal to acquire Spanish bank NCG Banco, as it continues to expand its international presence.
David Arnott, CEO of Temenos, said:
“We are delighted to have been chosen by Banesco to replace its core banking system. The extended suite of products we are providing will further equip Banesco with the necessary IT infrastructure to realise its multi-branch/multi-country development strategy. Our greater-than-ten-years’ experience of operations in Latin America affords us the expertise to assist Banesco in driving its growth and profitability in this dynamic and fast-growing market.”
Juan Carlos Escotet Rodríguez, Chairman of the Board of Directors of Banesco, said:
“After an extensive selection process, Banesco chose Temenos due to its best-of-breed product offering, regional support and the ability to align banking processes across multiple countries. We are dedicated to meeting the needs of our customers and satisfying them through relationships based on mutual trust, ease of access and excellence in service quality. Working with Temenos will allow us to deliver the very highest levels of customer success and to deliver our global strategy.”