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Šiaulių Bankas taps Temenos to modernize core banking platform

By Gloria Methri

February 27, 2024

  • Core Banking Modernization
  • Corporate Banking
  • Europe
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Temenos, Core banking platform, Temenos SaaS, Temenos Banking Cloud, FinTech, Lithuania, Šiaulių BankasŠiaulių Bankas, the largest independently owned bank in Lithuania, has selected Temenos to modernize its core banking platform. The bank will migrate its retail and corporate banking including trade finance to Temenos Banking Cloud, supporting the bank’s growing business needs.

The move to Temenos core banking software-as-a-service (SaaS) is part of a strategic transformation at Šiaulių Bankas following the merger of its retail business with Invalda INVL.

It is one of the leading banks in SME and mid-cap enterprise financing in Lithuania. Powered by Temenos SaaS, the bank aims to double the number of business customers and private clients to reach 1 million customers by 2029.

Through Temenos SaaS, Šiaulių Bankas benefits from a modern, cloud-native architecture and composable banking services to increase business agility and benefit from faster time to market.

The core banking solution includes Temenos banking capabilities for Product and Pricing, Data and Analytics, Servicing of Accounts, Deposits and SME Loans, as well as Anti Money Laundering (AML).

Vytautas Sinius, Chief Executive Officer at Šiaulių Bankas, said, “Our ambitious growth strategy requires a next-generation technology platform. We partnered with Temenos, a trusted SaaS provider for hundreds of banks, to benefit from its extensive experience and a broad set of composable banking capabilities. The new platform will enable us to move forward faster and to respond to evolving client needs quicker, delivering exceptional customer services and experiences.”

Mark Yamin-Ali, Managing Director – Europe, Temenos, said, “We are now seeing regulated traditional banks in Europe going to SaaS, not only FinTechs and neo banks and delighted to welcome Šiaulių Bankas as our first client in Lithuania.It is a significant systemic bank directly supervised by the ECB and a strategic win for Temenos that demonstrates the trust in our SaaS offering. On Temenos Banking Cloud, Šiaulių Bankas can get to market faster with new solutions while also driving down costs compared to running legacy systems.”

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