Lithuania’s Šiaulių Bankas has selected Temenos to enhance and modernise its core banking platform.
The collaboration will see Lithuania’s largest independently-owned bank migrate its retail and corporate banking including trade finance to Temenos Banking Cloud, with the aim of increasing flexibility and resilience.
Temenos’ core banking software-as-a-service (SaaS) has been chosen as part of a strategic move by the bank, following the merger of its retail business with Invalda INVL, Šiaulių Bankas, now under the joint supervision of the Bank of Lithuania and the European Central Bank (ECB), has undergone significant restructuring.
The bank, which currently owns more than €4bn in assets, has said that it hopes Temenos SaaS can double the number of its business customers and private clients to reach one million customers by 2029.
Vytautas Sinius, Šiaulių Bankas CEO, commented: “Our ambitious growth strategy requires a next-generation technology platform. We partnered with Temenos, a trusted SaaS provider for hundreds of banks, to benefit from its extensive experience and a broad set of composable banking capabilities.
“The new platform will enable us to move forward faster and to respond to evolving client needs quicker, delivering exceptional customer services and experiences.”
The core banking solution encompasses a range of Temenos banking features, covering Product and Pricing, Data and Analytics, Account Servicing, Deposits, SME Loans, and AML.
Leveraging Temenos Banking Cloud, Šiaulių Bankas gains access to ongoing updates, cutting-edge security measures, robustness, and high-performance Service Level Agreements.
Swiss core banking group Temenos, which has been involved in a public arugment with Hindenburg Research of late, published ad hoc financial results for the fourth quarter and full year 2023 earlier this month, in which the firm said it was, “very pleased with our strong performance in 2023”.
The firm’s most recent partnership will no doubt add to this positive momentum going forward, as the deal marks a new-first with Šiaulių Bankas the company’s first client based in Lithuania.
Mark Yamin-Ali, Managing Director – Europe, Temenos, said: “We are now seeing regulated traditional banks in Europe going to SaaS, not only fintechs and neo banks and delighted to welcome Šiaulių Bankas as our first client in Lithuania.
“Šiaulių Bankas is a significant systemic bank directly supervised by ECB and a strategic win for Temenos that demonstrate the trust in our SaaS offering. On Temenos Banking Cloud, Šiaulių Bankas can get to market faster with new solutions while also driving down costs compared to running legacy systems.”
