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Banco de la Nación del Perú Goes Live With Temenos to Accelerate Financial Inclusion With 2 Million New Accounts
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Rhea-AI Summary
Banco de la Nación del Perú has partnered with Temenos to launch Cuentas DNI, enabling the opening of two million digital accounts. This initiative aims to provide financial relief during the COVID-19 pandemic, with plans to expand to 24 million accounts. More than 1.8 million of the initial users were previously unbanked, fostering financial inclusion.
The partnership will enhance operational efficiency and allow Banco de la Nación to offer better services and lower fees, promoting access to financial services for the unbanked population in Peru.
Positive
Initiation of Cuentas DNI program, creating 24 million digital accounts.
Over 1.8 million initial users were previously unbanked, enhancing financial inclusion.
Temenos platform will improve operational efficiency and reduce costs for Banco de la Nación.
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Powered by Temenos Banking Cloud, Banco de la Nación del Perú plans to create more than 24 million accounts to deliver financial relief funds, setting a new record in Latin America
GENEVA--(BUSINESS WIRE)--
Banco de la Nación del Perú went live with Temenos (SIX: TEMN), the banking software company. In the first phase of the implementation, Temenos Banking Cloud supported the opening of two million new digital accounts called Cuentas DNI. With Temenos’ scalable open platform the bank plans to expand to 24 million accounts.
These accounts were created with the identification number (DNI) of each citizen, as part of the Yanapay Individual Economic Support program to provide government relief funds in response to the COVID-19 pandemic. Every Peruvian citizen, age 18 and older, with a DNI is automatically allocated a Cuentas DNI, fostering financial inclusion. Of the two million people who received a Cuentas DNI, more than 1.8 million previously did not have a bank account.
Banco de la Nación del Perú has approximately 570 branches, 60% of which are located in remote areas of the country. One of the bank’s key objectives is to promote financial inclusion through sustainable and modern business practices. Only 52% of adults in Peru have a bank account, according to data from the National Household Survey (ENAHO) and collected by the SBS. In response to the pandemic, the Peruvian government has launched special programs to distribute funds to the most vulnerable populations, using Cuentas DNI, which has facilitated the payment of one of these bonds to millions of unbanked Peruvians.
With the Temenos open platform for composable banking, Banco de la Nación del Perú will be able to scale massively, launch new products quickly and modernize other lines of business. The operational cost efficiencies will enable Banco de la Nación to offer its customers better benefits such as lower fees.
Liliana Casafranca, account leader from Cuentas DNI at Banco de la Nación del Perú, commented, "This is the beginning of Banco de la Nación’s modernization towards digital banking that will allow us to create more than 24 million accounts, and deliver financial inclusion to Peruvians. The challenge is to quickly develop enhancements that will encourage citizens to make greater use of their cellphones to carry out secure financial transactions, through Cuentas DNI. Our aim is to develop the right partnerships to make our services more accessible to clients. Banco de la Nación's vision is for the Cuentas DNI to become the gateway to more sophisticated services to Peruvians."
Enrique Ramos O’Reilly, managing director in Latin America and the Caribbean, Temenos, "We are proud to partner with Banco de la Nación del Perú. This is just the beginning of what we will create together. Temenos open platform will enable Banco de la Nación to scale massively and handle millions of accounts in order to provide financial services for those currently operating outside the financial system. We look forward to supporting Banco de la Nación del Perú in its digital transformation to provide outstanding banking services and promote financial inclusion to the people of Peru."
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About Temenos
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8%, half the industry average, and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
