Banque Internationale à Luxembourg goes live with Temenos

By Gloria Methri

Banque Internationale à Luxembourg (BIL), one of the largest universal banks in the country, has implemented Temenos core banking and payments to increase the agility and efficiency of its retail, corporate and private banking operations.

The move gives BIL the latest banking capabilities from Temenos on a modern API-driven platform. It will enable the bank to launch new products quickly and improve the customer experience with data-driven personalization. This will also help save costs and drive up performance and productivity.

Founded in 1856, BIL is the oldest universal bank in Luxembourg, with €44.1 billion in assets. Following a complex transformation project, BIL replaced its 30-year-old legacy core banking system, the switchover to the new Temenos platform in just one weekend. This was the result of close cooperation between BIL, Temenos delivery partner LTIMindtree and a multifunctional team from the company.

On the new Temenos Banking Platform, BIL can integrate and automate a wide range of capabilities, including cash accounts, deposits, lending, securities, and treasury. The bank can also handle larger transaction volumes, deliver faster and increase operational efficiency with digitalized processes.

BIL also acts as a payment hub for other financial institutions, processing up to 200,000 complex and multi-currency payments every day. Using Temenos Payments Hub, the bank has consolidated all payment rail processing onto a single platform, including SEPA, Target2, and cross border, to simplify and standardize its payment operations for all customers.

With Temenos’ single code base across core banking and payments, BIL will benefit from a higher, sustained level of investment in R&D. Furthermore, the platform allows for faster and lower cost updating and maintenance, which means a lower total cost of ownership.

Jeffrey Dentzer, CEO of Banque Internationale à Luxembourg, said, “We are delighted to complete the migration to Temenos’ modern, future-ready core banking platform. This was a major transformation project culminating in Big Bang go-live across all business lines. On the platform, we deliver best-in-class products and services for all customers and ensure sustainable growth for many years to come.”

William Moroney, President – International, Temenos, said, “I would like to congratulate the teams from Banque Internationale à Luxembourg, LTIMindtree and Temenos on a successful implementation of this large, complex transformation. Bringing together multiple business lines on Temenos’ secure, scalable cloud-native platform positions BIL strongly for future growth.”