North International Bank partners with Temenos to launch BaaS platform
By Leandra Monteiro
Temenos, a leading open platform for composable banking, announced that North International Bank (NIBank) has gone live with Temenos to digitally transform its retail banking and private wealth business lines. 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. For its modernization project, the bank needed a technology partner with global expertise, multi-currency capabilities, advanced technology and proven reliability. 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 North International Bank 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. Modernizing 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 modernize its technology and launch it into a new phase of growth and innovation.”
IBSi Daily News Analysis
February 22, 2024
Antigua and Barbuda
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