SBI is licenced by Puerto Rico’s financial services regulator, the Office of the Commissioner of Financial Institutions (OCIF), as an International Financial Entity (IFE). With Temenos’ banking capabilities for Multicurrency Accounts and Deposits, SBI will provide USD financial products, helping customers protect their savings from potential currency fluctuations and devaluation. Moreover, it will provide easier international transactions and access to global markets denominated in US dollars.
According to the official announcement, Temenos’ cloud-native platform will help SBI to launch banking products faster and scale efficiently as it expands across the continent. Moreover, the platform can provide fast and efficient transaction processing, management of customer accounts, and support for the bank’s compliance. SBI is also benefiting from Temenos’ model bank and pre-configured banking processes, which improve operational efficiency and accelerate time to market with increased automation and digitised workflows.
The implementation, supported by its delivery partner ITSS, was completed in just six months, as Temenos’ cloud-native, API-first architecture made it easier for SBI to build an ecosystem to meet its growing requirements.
Moreover, according to Temenos, by running its banking platform on the public cloud, the bank benefits from greater agility, higher performance, scalability, and security to grow its operations and provide banking services across the markets of Latin America.
Commenting on this, Bank International said that the company is looking forward to running its multicurrency accounts and deposits on its partner-trusted banking platform. Moreover, the Temenos cloud-native banking platform and its proven expertise across the LATAM region are key factors for this partnership. As Bank International further stated, this will allow it to grow a new digital bank with confidence while offering the stability of USD to more customers across Latin America.
Switzerland-based Banking software company, Temenos focuses on providing improved banking solutions to its partners and clients, including large and small banks, non-banks, fintechs, developers, as well as financial institutions. The firm had multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the world.
In January 2023, the company launched LEAP, an AI-powered offering that will optimise how banks and financial institutions modernise their products. The new product is expected to allow Temenos customers and users to transfer to the latest Temenos platform, aiming to accelerate their overall process to the cloud and Software-as-a-Service (SaaS). A week earlier, Temenos also launched end-to-end SaaS services to enable banks to deploy software solutions faster and reduce modernisation costs.
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