BforBank Chooses Temenos on Google Cloud to Power Future Expansion

Rhea-AI Summary

Temenos announced that BforBank, a digital bank of Crédit Agricole Group, has chosen its open platform for composable banking to expand operations. Transitioning to Temenos core banking solutions on Google Cloud aims to harness growth opportunities and enhance efficiency. Launched in 2009, BforBank provides a comprehensive suite of retail banking services. Temenos' cloud-native approach will allow BforBank to innovate rapidly and deliver personalized banking experiences. Both companies are committed to leveraging AI and Open APIs for future growth.

Positive

• BforBank transitions to Temenos core banking solutions on Google Cloud, enhancing efficiency and scalability.
• Temenos has a strong partnership with BforBank and has been selected to support its growth ambitions.
• Temenos software has proven to help banks achieve significant cost-income ratios and returns on equity.

Negative

• None.

Temenos open platform for composable banking will open up new opportunities for pioneering digital bank

GENEVA--(BUSINESS WIRE)-- Temenos (SIX: TEMN) today announced that BforBank, the fully digital bank of the Crédit Agricole Group, has selected Temenos open platform for composable banking to support future expansion. The bank is moving from an on-premise implementation to using Temenos core banking solutions on Google Cloud to tap new growth opportunities and drive efficiencies at scale.

A pioneer in digital banking, BforBank launched in 2009, offering a new approach to savings, life insurance, mutual funds and e-brokerage to the French mass affluent market. The online bank has since expanded to provide a full suite of retail banking services, with accounts, payments and lending products, including mortgages. Providing a simple and highly personalized experience “empowering customers to become their own private banker” has enabled BforBank to differentiate in an increasingly competitive market.

Since its inception, Temenos core banking software has underpinned the bank’s back-office operations. As banking becomes more collaborative, moving to a fully cloud-native, API-first stack on Google Cloud will give the bank hyperscale agility, flexibility, and scalability to launch new services faster at a lower cost.

Pascal Luigi, Deputy CEO, BforBank, commented: “The banking world is changing fast. After 12 years of successful operations and ahead of new strategic initiatives, we wanted to challenge our initial choices. We initiated a complex process and tested several software vendors with proof of concept on Google Cloud. Temenos was just the obvious choice, having invested relentlessly during the past years to deliver the most open and secure cloud banking platform for composing and deploying banking services at scale.”

Max Chuard, CEO, Temenos, said: “We have built a trusted partnership with BforBank and its parent Credit Agricole over many years. As BforBank looks to the future, we are delighted to build on this relationship to support its growth ambitions. To lead in the new banking world requires an open, cloud-native approach, enabled by AI, Open APIs, and modern DevOps practices, and this is what Temenos delivers. Being selected as BforBank’s cloud banking platform shows the bank’s confidence in Temenos to drive innovation and create new opportunities.”

Zac Maufe, Head of Financial Services, Google Cloud, added: “The banking industry is increasingly seeing that cloud technology is not just a driver of efficiency, but an enabler of change. Through our partnership with Temenos, we look forward to powering BforBank’s digital transformation which will enhance its banking services with highly connected and personalized interactions for customers at scale.”

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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.

For more information, please visit www.temenos.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220516005833/en/

Media

Jessica Wolfe & Scott Rowe

Temenos Global Public Relations

Tel: +1 610 232 2793 & +44 20 7423 3857

Email: press@temenos.com

Alistair Kellie & Andrew Adie

Newgate Communications on behalf of Temenos

Tel: +44 20 7680 6550

Email: allnewgatetemenos@newgatecomms.com

Source: Temenos

FAQ

What recent partnership was announced involving TMSNY?

Temenos announced a partnership with BforBank, which will now use Temenos' open platform for composable banking to support its expansion.

How will BforBank benefit from using Temenos core banking solutions?

BforBank will achieve enhanced efficiency, scalability, and the ability to innovate more rapidly by transitioning to Temenos core banking solutions on Google Cloud.

What is the significance of the move to Google Cloud for BforBank?

Moving to Google Cloud allows BforBank to leverage cloud-native capabilities, improving agility and reducing costs while launching new services.

When was BforBank launched?

BforBank was launched in 2009 as a fully digital bank serving the French mass affluent market.