Chile-based financial intermediation and advisory firm LarrainVial has gone live on Temenos’ core banking system T24.

Temenos won the mandate due to its ability to demonstrate “continuous investment in and development of” its core banking systems. The implementation was conducted over a series of phases. LarrainVail could test, identify risks and consolidate documentation before the transition was initialised.

Immediate results since the go-live include a decrease in operational times and improvements in customer experience. The firm is hoping to use the new core system as a building block for its expansions in Colombia, Peru and the United States.

“With any legacy system, the challenge you face is that you must continuously modify the system to operate in a way that it was not intended to in order to meet evolving requirements and customer behaviours,” said Enrique Ramos O’Reilly, regional director for Temenos.

“LarrainVial is implementing technology that was not only designed for the customers of today, but also for the customers of tomorrow, with built-in future-ready capabilities and an open banking platform with an eye toward integrating upcoming technologies.”

Juan Luis Correa, CEO, LarrainVial commented: “With the replacement of our legacy technology, and the implementation of [T24], LarrainVial will be able to scale as we continue to grow, and we’ll be able to quickly take innovative solutions and financial services products to market.

“With Temenos’ global expertise, we will be able to leverage technology that is continuously enhanced with best practices and advancements from around the world, while providing an optimised experience to our clients with a multi-product, multi-currency real-time offering on a single platform.”

by Alex Hamilton
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