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MyLife MyFinance chooses Temenos for digital transformation

Monday 12 April 2021 10:20 CET | News

Australia-based challenger bank, MyLife MyFinance has partnered with Temenos for a digital overhaul of its banking infrastructure. 

Challenger Limited, an investment management firm, recently entered into an agreement to acquire MyLife MyFinance (MLMF) from Catholic Super, with the acquisition currently subject to approval by the Australian Prudential Regulation Authority (APRA) and the Federal Treasury.

Temenos says that because of the build-and-migrate implementation, MyLife MyFinance has reduced complexity by moving to one central core banking system to store and run all of its processes and data, Temenos Transact. The end-to-end solution increases automation and straight through processing (STP), completing conditional decisions for 90% of applications.

Temenos has provided MLMF with a front-to-back digital banking platform. This includes Temenos Infinity and Analytics, an API-first technology that offers integration with third parties, which can help firms generate new solutions.

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Keywords: partnership, digital banking, online banking, API, fintech
Categories: Banking & Fintech
Companies:
Countries: Australia
This article is part of category

Banking & Fintech