Saven Financial, a division of FirstOntario Credit Union goes live on Temenos

By Pavithra R

Temenos, the banking software company, has announced that Saven Financial, a division of FirstOntario Credit Union, has gone live with Temenos Infinity and Temenos Transact.

The digital-only greenfield credit union offers high-interest savings accounts and guaranteed investment certificates (GICs) with highly competitive rates and is leveraging Temenos technology to deliver a fast, seamless digital experience.

Saven, available online and on mobile devices to Ontario resident, is an easy-to-use, straightforward, secure platform that lets members save with ease. Its digital-only model, powered by Temenos technology, enables Saven to offer highly competitive interest rates and more savings to its members.

“Strengthening our communities has always been a commitment of FirstOntario. Launching Saven allows us to have a greater reach to new digitally-focused members with a community-centric mission that shifts the perspective of what it means to be a financial institution. We’ve designed our digital brand to resonate with people who want anywhere / anytime banking. Our vision is to bring a no-nonsense, digital savings experience to those who want to achieve their financial goals through smart saving. To do that we needed to make our online platform easy to use, and enable our members to benefit from our competitive rates. Temenos has been a trusted technology partner of FirstOntario since 2015, and their technology has enabled us to launch a competitive offering that will have a huge positive impact on our members and their communities,” said Lloyd Smith, CEO, FirstOntario Credit Union.

Saven is built on the same cooperative principles as FirstOntario, making a lasting impact on local communities by re-investing a portion of earnings into its communities. Members can select the causes they are passionate about, giving back to their communities without impacting their rates or returns. It is using Temenos Infinity, the leading omnichannel digital banking solution, and Temenos Transact, the next generation in core banking, to launch an end-to-end digital platform.

“We are proud that Temenos technology has enabled FirstOntario to embark on this exciting digital journey with Saven Financial. Temenos’ front-to-back solution helps challenger brands create hyper-efficient cost models, and rapidly launch innovative, personalized products and services. With our real-time, API-first technology, Saven will create a digital ecosystem that offers outstanding experiences and true value in the day-to-day lives of Ontario consumers. We look forward to continuing to partner with them to make banking better, together,” said Jacqueline White, President – Americas, Temenos.

Temenos technology offers Saven the flexibility and agility to quickly roll out new products as it grows its offering. With its relentless investment in R&D, Temenos provides Saven with cutting-edge technology and the latest innovations, ensuring it can continue to grow and remain competitive.