North International Bank partners with Temenos to launch a BaaS platform
By Joy Dumasia
Temenos announced that North International Bank (NIBank) had gone live with Temenos to transform its retail banking and private wealth business lines digitally. The Temenos Banking Cloud supports daily transactions, wealth management and lending.
Based in Antigua and Barbuda, NIBank serves customers in the Caribbean, Latin America and Europe. The bank needed a technology partner with global expertise, multi-currency capabilities, cutting-edge technology and proven reliability for its modernisation project. The Temenos Banking Platform will provide NIBank with 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 like Green Dot, Vodeno and Mbanq, NIBank can create new sources of revenue through banking and non-banking partnerships.
As part of its mission to boost economic growth and provide innovative financial services, NIBank has built a robust customer base around prepaid and credit cards. NIBank’s investment in technology, including the Temenos platform, has allowed it to grow to 25,000 active cards today, with plans to expand relationships with global card giants MasterCard and UnionPay International. In the digital era, it’s essential that those 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 platform’s openness and built-in APIs will enable NIBank to create a fully integrated ecosystem of technology and financial services partners.
Jordán Silva Tugues, CEO of NIBank, 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 over 3,000 financial institutions and the flexibility to leverage the platform based on the size and needs of the bank. Modernising 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 era. We’re very excited at the success of the project so far and where we will go 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 embedded finance means banking no longer needs to happen within a bank. With Temenos, NIBank can offer banking services through retailers and other companies while continuing to build upon its direct customer relationships. We’re delighted to work with NIBank to modernise its technology and launch it into a new phase of growth and innovation.”
IBS Intelligence reported that Temenos and Wipro Limited announced an expanded partnership to help banks of every size accelerate their modernisation journey. This expanded partnership will enable banks across varying scales to accelerate their go-to-market strategies in regions including the United States, the UK and Australia.