Temenos (SIX: TEMN) recently announced that Puerto-Rico headquartered Segura Bank has selected Temenos “to power the launch of a new digital bank in the cloud for mid to high earners in Latin America.”
Segura Bank will run Temenos’ banking platform “on Microsoft Azure to develop banking services faster and at lower cost, offer leading digital experiences and scale efficiently as the bank expands across the continent.”
Segura Bank is “licensed by Puerto Rico’s financial services regulator, the Office of the Commissioner of Financial Institutions (OCIF) as an ‘Entidad Financiera Internacional’ (EFI).”
The new digital bank will “feature US dollar financial products, helping customers protect their savings from potential currency fluctuations and devaluation and enabling easier international transactions and access to global markets denominated in US dollars.”
Segura Bank will “leverage the cloud-native core banking capabilities of the Temenos platform for fast and efficient transaction processing, managing customer accounts and ensuring compliance with robust KYC functionality.”
Further, adopting Temenos’ model bank “processes as standard will enable Segura Bank to improve operational efficiency with increased automation and digitized workflows and to accelerate time to market.”
The new bank is “expected to be fully operational in the coming months.”
Juan Zambrano, Chief Executive Officer, Segura Bank, commented:
“We are delighted to partner with Temenos as the world’s most trusted banking platform. Temenos offers a market leading cloud banking platform and proven expertise across the LATAM region. On the Temenos platform, we can build our new digital bank with confidence, and look forward to offering the stability of the US dollars to our key audiences in LATAM as we grow Segura Bank.”
Rodrigo Silva, Senior Vice President – Sales, Latin America and the Caribbean, Temenos, said:
“We are delighted that Segura Bank has selected Temenos as the foundation for its growing operation to provide banking services across the rapidly growing markets in Latin America. By running our banking platform on the public cloud, the bank will benefit from greater agility, higher performance, scalability, and security. Following our close work with the Segura team, we look forward to supporting them as they grow and develop their offering.”