Temenos (SIX: TEMN), the banking software company today announced that Banco de Crédito e Inversiones (BCI), Chile’s third largest bank, selected Temenos’ advanced technology to launch a new corporate bank in Peru. BCI chose Temenos Transact, including the payments solution, as well as Temenos Infinity, the omnichannel digital banking product, to drive its growth strategy and deliver corporate banking and trade finance services to primarily Chilean enterprises with operations in Peru, as well as Peruvian corporate clients. Using Temenos technology, the new bank plans to launch in 2021.
BCI specializes in savings and deposits, securities brokerage, asset management and insurance. The bank is headquartered in Chile and it also has operations in Florida, USA. Temenos Transact, with its rich, pre-configured core banking functionality will underpin the greenfield bank in Peru, delivering scale and agility to reach corporate customers. BCI will use the Temenos Model Bank approach, which is compliant with Peruvian regulations and incorporates best local business practices, to accelerate the banking license process and launch its new corporate bank in Peru.
With Temenos Infinity, the bank will benefit from the leading omnichannel digital banking product covering customer engagement from acquisition to long-term retention. Deploying both Temenos Infinity and Temenos Transact, BCI Peru will achieve simplified operations and outstanding digital customer experiences. Temenos’ agile technology architecture will help the new bank automate its back-office and efficiently serve its corporate customers with tailored solutions ranging from deposits, loans, and payments to warranties.
BCI will also leverage Temenos’ payments functionality to support cross-border payments of its corporate customers. Temenos technology supports the latest SWIFT messaging enhancements, interest rates and enables a smooth transition from LIBOR to Risk-Free Rates (RFRs).
Eduardo Nazal, Managing Director, International Strategy Development, stated: “We selected Temenos as our strategic technology partner to support us with our growing plan in Peru. Temenos’ advanced technology, scale and international expertise made them the ideal partner. We were also impressed with the company’s strong presence in Americas, as well as its ability to deliver fast implementations even in these times. BCI in Peru will benefit from embedded local best practices and we expect a smooth launch next year. By launching a new bank in Peru and using Temenos’ technology as our differentiator, we aspire to have a state of the art bank for corporate banking in the region.”
Enrique Ramos O’Reilly, Managing Director, Latin America & Caribbean, said: “We are excited to be partnering with BCI Bank, one of the main financial groups in Latin America, and are looking forward to expanding our relationship in the future. Our innovative technology will provide an agile banking platform for BCI to launch its new corporate bank in Peru fast and deliver innovative products and digital experiences to its corporate customers. We have invested extensively to deliver the most advanced cloud and AI technology, and rich corporate banking functionality. With our core, payments and digital banking products, BCI will benefit from optimized and efficient operations and support its customers with tailored solutions. Temenos has a strong and growing presence across Latin America, and this signing cements our position in Peru, as our fourth customer in the country.”
Temenos was recently recognized as a Leader in The Forrester Wave™: Digital Banking Processing Platforms (Corporate Banking) Q3 2020, reflecting its investment and innovation in its cloud-native platform with embedded AI technology to power the digital transformation of corporate banking. Temenos Transact is an integrated core banking system with deployable components, which covers all areas of corporate banking including corporate lending, trade finance, payments and cash and liquidity management, with the addition of embedded analytics and compliance. It also offers front to back capabilities for corporates to initiate all transactions ranging from trade finance to payments and cash sweeping.
About BCI Bank
Banco de Crédito e Inversiones (SSE: Bci) is Chile’s third-largest privately owned bank by income. Bci was founded more than 80 years ago, and has more than 270 banking centers throughout Chile. It has operations in Florida, USA and representative offices in Mexico, Lima, Sao Paulo, Madrid, Bogota and Shanghai. In the US, Bci owns and operates the Bci Miami branch, Bci Securities and City National Bank of Florida, which was acquired in 2015, making Bci the first Chilean financial institution to own a bank in the United States.
Bci is recognized because of its high corporate governance standards, transparency and financial strength. Bci has been recognized by World Finance Banking as the “Best Banking Corporation” and “Best Private Bank”. Bci has also been recognized in the top fifty Fortune Change the World List, 1st “Best Place to Work” in Chile in 2019 by Great Place to Work, among other recognitions related to corporate governance, corporate social responsibility, and financial inclusion.
By the end of the second quarter of 2020, Bci had 14.5% market share in the Chilean market with more than $74 billion in assets and $47 billion in loans. The Bank’s soundness, showing one of the highest credit ratings in the banking sector of Emerging Markets, with an A rating from Standard and Poor’s and Fitch and A2 from Moody’s.
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 500 million 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.