GENEVA, Switzerland – April 27, 2021 – Temenos (SIX: TEMN), the banking software company, today announced that it has signed a wave of new customers to Temenos Compliance Advisory Services. Bank of Clarendon, Sharonview Federal Credit Union and Delta Community Credit Union have become some of the latest financial institutions to join more than 500 US financial institutions leveraging Temenos to navigate today’s complex regulatory environment.
The pandemic has changed the way people live and work, requiring a new and digital approach. In response, banks and credit unions had to roll out new processes and policies and respond to new regulations such as the rollout of PPP as part of the CARES act, and changes to Regulation Z that reflect the current reality. At the same time, already stretched compliance teams have been stretched further, and employees now need to understand and support multiple roles as financial institutions shift the way they operate.
Temenos Compliance Advisory Services has been instrumental in relieving the burden on compliance teams and empowering employees across departments such as marketing and mortgage division to take decisive action. Temenos offers the most trusted services, with over 150 years of combined experience. Temenos’ certified team of advsiorsdelivers same-day answers to compliance questions, along with unlimited reviews of advertisements, disclosures and policies, and a customer-driven library of templates, guides, and continuing education. As a web-based service, Temenos customers are one click away from having a compliance team readily available, on any device.
Teresa Morel, SVP / Compliance Officer, Resource Bank, commented:
“Resource Bank has been a Temenos customer since 2017. The ability to leverage experts who were previously regulatory examiners was a key benefit for us in selecting the service, and it has had a real impact across departments. In 2020, we conducted a website review with the Temenos Compliance Advisory Services team – the review took less than a week, and they identified areas for improvement that had previously been missed by other auditors. Knowing that we can access the team gives us greater confidence to do the work we need to do in order to support our customers. I highly recommend Temenos for any financial institution looking to move with greater agility and certainty.”
Greg Sawyers, SVP, Compliance – North America, Temenos, said:
“The pandemic has created unprecedented change, and forced financial institutions to re-examine how they operate. Temenos Compliance Advisory Services allows the employees of financial institutions to focus on what they do best, and leave compliance to the compliance professionals without over-burdening their own team with every single question. By leveraging Temenos expertise, our customers can take the guess-work out of compliance, and be more agile in rolling out changes and initiatives in a fast-moving, ever-changing world.”