LPBank, Temenos to update retail and corporate banking

Friday 20 October 2023 08:46 CET | News

Vietnam-based Lien Viet Post Joint Stock Commercial Bank (LPBank) has selected Temenos to update its core banking platform for retail and corporate banking. 

Through this, LPBank replaces its existing system with Temenos’ technology platform, being able to manage customer accounts and transactions across its retail and corporate activities with enhanced performance and efficiency. Additionally, the bank can offer tailored products faster and at a decreased cost. 

Vietnam-based Lien Viet Post Joint Stock Commercial Bank (LPBank) has selected Temenos to update its core banking platform for retail and corporate banking.

LPBank and Temenos’ objectives

The retail and corporate banking solution includes banking capabilities for lending and deposits, trade finance, foreign exchange, payments, data, and virtual accounts. Moreover, Temenos’ solution aims to support process automation, resulting in minimised operational errors, improved risk management efficiency, and the introduction of effective digital transformation.

By adopting Temenos’ Vietnam Country Model Bank, LPBank leverages pre-configured banking capabilities personalised to the local market, allowing faster, more cost-effective implementation. The bank also benefits from Temenos’ investment in its single code base and experience of working with 3000 banks across 150 countries. Through this signing, Temenos strengthens its position in Vietnam, with LPBank joining the 24 banks across retail, corporate, wealth, and private banking sectors, including MB, MSB, Sacombank, VPBank, and Techcombank, that also operate on the company’s banking platform.

According to officials, the new system creates a more integrated, simplified customer experience journey, fully digitised from the beginning to the end of transaction channels, while also helping employees to deliver improved services. 

Temenos’ latest developments

Switzerland-based banking software company Temenos provides its services to large and small banks, non-banks, and fintechs, as well as partners and developers. According to company data, Temenos currently serves 1.2 billion individuals to carry out daily banking needs.

Recently, Aktia partnered with Temenos to modernise payments by using its Payments Hub to support the introduction of pan-European instant payment services and consolidate processing rails onto a single platform. The collaboration came as part of a strategic platform upgrade to deliver enhanced customer experience for domestic and cross-border payments with improved efficiencies and to meet regulatory and compliance requirements.

Moreover, at the beginning of October 2023, Temenos announced its cloud-native Correspondent Banking solution. As banks want to modernise cross-border payments in the cloud, the company’s service aims to support the expedited addition of alternative payment rails and types using payment adaptors and an extensive set of APIs.

In September 2023, Temenos entered a collaboration with IBM to integrate its payment capabilities into the IBM Cloud for Financial Services. Through this partnership, Temenos incorporated its Temenos Payments Hub into IBM’s solution, providing the platform across all the IBM hybrid cloud infrastructure. Both companies aimed to enable the coexistence of hybrid cloud platforms, as well as to offer banks the required tools for the digitalisation of their technology stacks. 

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Keywords: online banking, customer experience, financial services, retail banking, lending, trade finance, FX
Categories: Banking & Fintech
Companies: LPBank, Temenos
Countries: Vietnam
This article is part of category

Banking & Fintech




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