Temenos (SIX: TEMN) announced that Šiaulių Bankas, which claims to be the largest independently-owned bank in Lithuania with over €4 billion in assets, has selected Temenos to modernize its core banking platform.
Šiaulių Bankas will migrate its retail and corporate banking “including trade finance to Temenos Banking Cloud, supporting the bank’s growing business needs with increased flexibility and resilience.”
The move to Temenos core banking software-as-a-service (SaaS) is “part of a strategic transformation at Šiaulių Bankas following the merger of its retail business with Invalda INVL.”
Šiaulių Bankas, which is under the joint supervision of the Bank of Lithuania and the European Central Bank, is considered to be “a leader in SME and mid-cap enterprise financing in Lithuania.”
Powered by Temenos SaaS, the bank says it “aims to double the number of business customers and private clients to reach 1 million customers by 2029.”
Temenos SaaS enables Šiaulių Bankas “to take advantage of a modern, cloud-native architecture and composable banking services to increase business agility and benefit from faster time to market, while also ensuring the highest standards of compliance and risk management on a trusted, secure and continuously updated service.”
The core banking solution includes Temenos banking capabilities “for product and pricing, data and analytics, servicing of accounts, deposits and SME loans, as well as anti-money laundering (AML).”
On Temenos Banking Cloud, Šiaulių Bankas benefits “from continuous updates, state-of-the-art security controls, resilience and high-performance Service Level Agreements.”
Temenos’s core banking clients using its modern banking platform “benefit from 24% higher growth and innovation share of their IT spend according to the Temenos Value Benchmark, an industry-leading benchmark of 146 banks globally across all segments.”
Šiaulių Bankas participated in Temenos’ benchmark “as part of its evaluation to better understand how to optimize its technology investments to drive business value.”
Vytautas Sinius, Chief Executive Officer at Šiaulių Bankas, said their growth strategy requires next generation tech and the new platform will help them move faster and respond to evolving client needs.