Regions Bank (NYSE:RF), a large regional bank based in Alabama, has selected Temenos (SIX: TEMN) to update its banking platform, bringing it into the Fintech era. Regions Bank has approximately $155 billion in assets, ranked at 227th in the US for consolidated assets as of the end of 2022.
Temenos is currently utilized by by more than 3000 financial institutions from the largest banks to small community operations.
Regions Bank is said to have completed its core transformation on the Temenos core banking platform in early 2022, and will collaborate with Temenos to help guide its product roadmap for the broader US market.
John Turner, President and CEO of Regions Financial Corporation, said that modernizing their core systems and ongoing focus on innovation will help them deliver value to their customers. He added that they are looking forward to collaborating with Temenos in their push into the US market.
Described as a “highly strategic win” by Andreas Andreades, Executive Chairman, Temenos, he said the partnership with Regions an important region for them.
“With the best customer references such as Commerce Bank, Varo Bank and a global payments provider amongst others, and a proven US model bank which is fully compliant with US regulations, delivering advanced cloud and SaaS technology and developing US pre-configured banking capabilities, is now compelling for US banks of all sizes, even the largest to move to Temenos. We look forward to collaborating with Regions on their core banking modernization and incorporating their ideas and innovations into our platform to continue our investment and growth in the US market.”
