GENEVA, Switzerland – October 4, 2018 – Temenos (SIX: TEMN), the banking software company, today announced that Baltic International Bank has successfully upgraded its private, corporate and retail business lines of Temenos T24 Core Banking to R17. Foranx, a certified Temenos services partner, supported the implementation in conjunction with Temenos. The bank decided to upgrade in order to support its efforts to geographically expand into new markets, and continue to innovate to meet evolving customer expectations.
Temenos and its partner Foranx analyzed the bank’s local developments and adapted them to the new instance of T24 Core Banking, as well as installed new modules, before finally migrating the bank to the upgraded system. Temenos’ open, upgradeable packaged software, allows banks like Baltic International Bank to easily upgrade their core banking technology so they can constantly be at the forefront of innovation. Known for providing individually tailored services and high-quality financial products, Baltic International Bank wanted to bring the latest technology to their customers in order to continue providing leading services. Headquartered in Latvia, Baltic International Bank, has representative offices in the United Kingdom and, Ukraine.
Viktor Bolbat Chairperson of the Management Board, Baltic International Banking, commented: “We are pleased to complete the upgrade of T24 Core Banking in a smooth and timely manner together with the Temenos and Foranx teams. With the upgrade of our core banking platform, our customers will benefit from the best practices and enhanced features that Temenos has invested in the software since our last implementation. Moreover, we will be able to continue to scale in line with our growth, and stay ahead of market needs as we continue to expand into new segments.”
Noah Kraehenmann, Director of Sales, Temenos, said: “Collaboration is vital in order to stay ahead of an ever-changing marketplace. By collaborating with our customers to identify best practices and features that will enhance their daily processes and interactions, and investing 20% of our R&D in our software, we ensure that our product continues to be the industry leader. Due to the packaged and integrated nature of T24 Core Banking, our clients benefit from easier and quicker upgrades, empowering them to be future-ready, and to easily add on new modules, such as Baltic International Bank did by implementing an additional asset management module. We bring that collaborative approach to our partner relationships as well, partnering with system integrators like Foranx, to implement our platform around the world. The result is a dynamic ecosystem of innovation that benefits everyone involved.”
Sergey Nosan, Chief Executive Officer, Foranx, added: “We would like to congratulate the Baltic International Bank on a successful upgrade of T24 Core Banking. The completion of the project is the result of well-coordinated collaboration between the Foranx, Temenos and Baltic International Bank teams. We’ve been a long-standing partner on many projects with Temenos, and we look forward to continuing to work together to help banks in Eastern Europe modernize their systems and bring real-time, personalized and fully digital banking services to their customers.”