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MuniFin selects Temenos T24 Transact to modernize its loan life-cycle system

TemenosBanking software company Temenos said on Thursday that Finland-based Municipality Finance Plc (MuniFin)  has selected Temenos T24 Transact to modernize its loan lifecycle system. MuniFin is a credit institution specialized in the financing and financial risk management of the Finnish public sector.

MuniFin is undergoing a digital transformation across its business operations, it said in a statement. It has chosen Temenos to revamp its lending system and consolidate its processes. Temenos’ API-first technology will provide the foundations for MuniFin to improve and simplify its lending IT architecture and future-proof its business, the company said.

“We needed a strategic technology partner with robust, scalable technology to power our digital transformation. Temenos, with its deep expertise within the financial industry and its strong footprint in the Finnish market, as well as its global experience, emerged as the ideal partner and the most suitable solution for MuniFin,” said Rainer Holm, Executive Vice President, MuniFin.

“Temenos’ digital banking platform will enable us to streamline lending processes, gain greater agility and scalability, provide cost efficiencies across business and IT operations. With Temenos’ proven and open technology, we will improve our efficiency, data quality, increase digitalization and meet the evolving regulatory requirements. With this we will also be able to focus to our customers’ and provide more value to our owners,” Holm added.

Temenos’ solution will help MuniFin to introduce new processes and apply workflows that improve process efficiency, meet the market standards and client demands in the lending space.

“In the Nordics, and around the world, financial institutions understand the urgency to move away from legacy IT systems to modern packaged software running on the latest cloud-native, cloud-agnostic technology in order to operate efficiently and respond to the latest market opportunities and customer demands. Temenos software is proven to deliver tangible business benefits. The team at MuniFin understood that to develop their business they needed to digitally transform their operations. We’re delighted to work with MuniFin on this project,” said Steen Jensen, Managing Director Europe, Temenos.

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