North International Bank Partners with Temenos to Launch BaaS Platform
By Leandra Monteiro
September 01, 2022
- Antigua and Barbuda
- Banking API
- Composable banking
Temenos, a leading open platform for composable banking, announced that North International Bank (NIBank) has commissioned Temenos to digitally transform its retail banking and private banking businesses. Temenos Banking Cloud supports daily transactions, wealth management and loans.
Based in Antigua and Barbuda, NIBank serves clients in the Caribbean, Latin America and Europe. For its modernization project, the bank needed a technology partner with global expertise, multi-currency capabilities, cutting-edge technology and proven reliability. The TEMENOS banking platform will provide NIBank with the flexibility, agility and the latest cloud-agnostic technology to adapt to new and developing trends such as banking as a service (BaaS). Leveraging a forward-looking strategy and TEMENOS’ expertise in working with BaaS providers such as Green Dot, Vodeno, and Mbanq, NIBank can create new revenue streams through banking partnerships and non-banks.
As part of its mission to drive economic growth and provide innovative financial services, NIBank has built a strong customer base around prepaid and credit cards. NIBank’s investment in technology, including the TEMENOS platform, has seen it grow to 25,000 active cards today, with plans to expand its relationships with global card giants MasterCard and UnionPay International. In the digital age, it is essential that these experiences are fast, easy and simple.
TEMENOS has been developing and investing in modern technology for almost 30 years. TEMENOS Banking Cloud enables financial institutions to easily assemble TEMENOS banking services and third-party solutions with composable banking capabilities. The openness of the platform and the integrated APIs will enable NIBank to create a fully integrated ecosystem of technology and financial services partners.
Jordán Silva Tugues, CEO of Northern International Bank said, “Investing in technology has been one of our top priorities over the past few years. We selected TEMENOS for its global leadership and expertise in serving more than 3,000 financial institutions, as well as the flexibility to operate the platform according to the size and needs of the bank. Modernizing our technology with TEMENOS Banking Cloud will improve our digital customer experience, increase efficiency and propel us to the forefront of banking in the digital age. We are very pleased with the success of the project so far and the direction we will take next. »
Enrique Ramos O’Reilly, Managing Director – Latin America and the Caribbean, Temenos said, “Disruptive technologies and changing customer demands have led to an unbundling of the banking value chain. The rise of integrated finance means that banking no longer needs to take place within a bank. With TEMENOS, NIBank can offer banking services through retailers and other businesses while continuing to build on its direct customer relationships. We are excited to work with NIBank to modernize its technology and launch it into a new phase of growth and innovation.
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