Banking software company Temenos announced that Telia Finance has selected its T24 Core Banking as its financial technology platform to help grow its customer base.
Temenos’ packaged, modular banking software will enable Telia Finance – an independent company acting as a finance engine for Telia – to offer a wide spectrum of new lending and leasing products and services to its retail and corporate customers. It will also allow Telia Finance to drastically accelerate loan approval processes and enhance the client service it offers.
Temenos T24 provides multi-company, multi-country and multi-currency capabilities which are required to support the company’s future geographical expansion. The system also provides the flexibility which Telia Finance needs to scale its business in terms of the number of customers.
Temenos T24 is set to go live in four Nordic countries within 12 months. The system will be deployed in a single instance. The implementation will be based around Temenos’ Model Bank approach, which provides a pre-configured technology structure, including built-in compliance with regional requirements.
Telia Finance COO Marcus Söderberg said Temenos’ software would allow the company to reduce time-to-market for a number of finance solutions for its retail and corporate clients, and enhance levels of service.
“In the future, we will be able to quickly perform eligibility checks and approve, for example, a handset loan in less than a minute,” he said.
“Our partnership with Telia highlights a growing trend as telcos are looking to enhance their client experience and create new revenue streams by offering banking services to their customers,” said Temenos CEO David Arnott. “Telcos like Telia benefit from having an established client base as well as digital and mobile-centric capabilities which will enable them to offer their customers differentiated banking services. This is not only great news for the end user, but also for Temenos as we expand our addressable market beyond incumbent banks.”
Temenos T24 is an integrated, upgradeable and scalable software package built on an open architecture. Temenos says its core banking platform is available through public cloud, private cloud or on premise, and is platform agnostic.