Temenos Successfully Completes Upgrade at Leading Bank in Cyprus

Press Releases, October 18, 2018

Temenos – Company

GENEVA, Switzerland – October 18, 2018 – Temenos (SIX: TEMN), the banking software company, today announced that RCB Bank has successfully completed an upgrade of Temenos Transact Core Banking with the support of Foranx LLC. Following five months of cooperation, the core banking system Temenos Transact was upgraded from R10 to R17.

The project included technical upgrade of the system; analysis and adoption of the bank’s local developments to R17 requirements; testing and setting up of interfaces for the new release, setting up SEPA direct participation; and the installment of new T24 modules. 

Dmitry Lyskov, CIO, RCB Bank, welcoming the successful upgrade of the core banking system, said that the new version has enhanced RCB’s banking operations and improved customer experience.

Steen Jensen, Managing Director – Europe, Temenos, said:

“Every year Temenos invests 20% of our R&D into enhancing our products. This ensures that our customers never have to worry about falling behind the industry. Because of the packaged and integrated nature of our software, clients like RCB Bank can stay future-ready, with the ability to quickly and easily upgrade their systems, and stay ahead of a changing marketplace. It’s also easier for our clients to add new modules, as RCB Bank did in order to integrate to Single Euro Payments Area (SEPA), opening the door for new payments possibilities. We’re excited for RCB Bank to take advantage of the latest best practices and the very best of innovation from around the world with this upgrade.”

Sergey Nosan, CEO, Foranx, added:

“All around this has been a very successful implementation, and we are pleased with the timelines and what we were able to achieve in such a short timeframe. We’d like to congratulate everyone involved. Partnering with Temenos has opened doors to new relationships between Foranx and banks around the world. Following this successful implementation, we will continue to partner with RCB Bank on further developments of their IT infrastructure, and we look forward to continuing the work we’ve begun.”