Banco Ripley selects Temenos for bolstering its digital transformation process

By Pavithra R

Temenos has announced that Banco Ripley, a Peru-based financial institution primarily engaged in the banking sector, has gone live with Temenos Transact, the next-generation core banking product. The implementation was delivered entirely in the cloud remotely amidst the COVID-19 lockdown.

Banco Ripley selected Temenos Transact as part of its strategic initiatives to bolster its digitalization process. Temenos’ Model Bank approach delivers pre-configured, localized functionality and best practices, reducing customization needs and deployment time. Through the technology integration, Temenos’ digital core banking technology will replace Banco Ripley’s legacy IT system with advanced cloud and open API technology to provide digital experiences to retail store customers in Peru.

“We are excited to announce the successful implementation and go-live of our state-of-the-art core banking solution. Our strategic relationship with Temenos supported a seamless digital transformation in Peru and brings us closer to our objective: ‘Empower TODAY, to impact the future of families.’ Temenos Transact provides a single solution on which we can simplify our operations and reduce cost, and provide exceptional banking experiences to our retail store customers,” said Samuel Sanchez, Director/General Manager Banco Ripley Perú.

Temenos’ technology is expected to support the bank in offering differentiated retail banking products, including accounts, time deposits, and loans. Its digital banking platform supports Banco Ripley’s strategic objectives to increase its market share and sustainable growth by optimizing banking operations and reducing operational costs.

“We are delighted to support Banco Ripley as they adopt powerful cloud-native technology and accelerate their digital transformation. Temenos has a rich history supporting banks in Latin America. Our established presence in the region and breadth of experience meant that, in spite of the global pandemic, we were able to support a quick and effective remote implementation for Banco Ripley. We see a great acceleration in cloud adoption as banks are turning to cloud and SaaS models to become more agile and gain speed to market. Now live on our market-leading core banking product, Temenos Transact, the bank can benefit from rapid return on investment and faster route to market powered by the best pre-configured practices of Temenos Model Bank,” said Enrique Ramos O’Reilly, Managing Director, Latin America & Caribbean.

Recently, Sombank selected Temenos to offer digital Islamic banking services in Somalia.

Banco Ripley is the financial arm of Ripley Corp, a company comprised of retail, financial, and real estate enterprises, with a strong presence in Chile and Peru. Its services and products include saving accounts, fixed-term deposits, money transfers, personal loans, and credit and debit cards, among others.