DXC Technology (NYSE: DXC), a leading Fortune 500 global technology services partner, has partnered with solution provider Temenos (SIX: TEMN) to lead the digital transformation of critical IT architecture for FCM Bank, one of Malta’s leading providers of savings and fixed-term products.
Drawing on DXC’s expertise in banking and capital markets, and industry-leading software from Temenos, FCM Bank replaced its legacy core banking system with a modern digital platform to support its growth strategy. The new system went live in June 2022, with DXC supporting the migration of FCM Bank’s apps, offerings and customers from the legacy systems to the new Temenos platform.
By moving to the new open and agile platform, FCM Bank will benefit from improved protection from cyber security threats, faster time to market for new products and services, and an overall improvement in efficiency. The Temenos platform also provides functionality for transaction processing, payments, financial crime mitigation and data analytics.
FCM Bank’s new core banking solution was built to anticipate the current and future expansion plans of the bank and its parent company SAB Financial Group. It leverages Temenos open platform with functionality for retail and corporate accounts, deposits, lending and payments. DXC and Temenos’ enterprise banking experts worked together to deliver the transformation, utilising expertise from Luxoft, a DXC company and one of the leading Temenos System Integration practices globally.
Marcel Homolka, CEO at FCM Bank Limited, said:
“A successful bank needs to be fast and flexible in addressing the needs of its clients. FCM Bank collaborated with DXC Technology to deliver and implement the Temenos banking platform, which the bank considers to be the best in the industry. We are also launching a new internet banking system that is up-to-date, intuitive and easy to use.”
Andrew Haigh, Head of Banking and Capital Markets EMEA, DXC Technology, said:
“DXC has over 45 years of experience in the banking and capital markets sector managing over 250 million customer deposit accounts and 275 million cards for leading banks globally. Building on this experience, DXC is proud to partner with FCM Bank in this exciting new chapter of growth.”
Philip Barnett, President of Strategic Growth, Temenos, added:
“We are delighted to see FCM Bank complete its core banking modernization, moving from legacy systems to a modern, agile, open platform for composable banking. Our strong collaboration with DXC and joint go-to-market helps banks of all sizes remove the burden of legacy IT systems and gain greater speed to market. This successful go-live is a major milestone in the bank’s digital transformation. With the Temenos platform FCM Bank will benefit from rapid time-to-market for new products and banking services to deliver innovative solutions for its customers today and well into the future.”