President’s Choice Financial (PC Financial), the financial arm of Loblaw Companies Limited, a leading Canadian retailer in food and pharmacy sectors, has teamed up with Temenos to expand its banking operations and diversify its financial product offerings.
Under this collaboration, PC Financial will adopt Temenos’ retail core banking solution as a Software-as-a-Service (SaaS) platform hosted on Microsoft Azure. Temenos asserts that this integration will facilitate rapid scaling of products and the enhancement of banking services while ensuring a secure and consistently updated environment.
Temenos further highlights that its technology will enable PC Financial to optimize its operational workflows from end to end, ensuring adherence to regulatory standards.
Philip Barnett, President of Temenos for the Americas, underscores the company’s significant investment in its platform to support clients in complying with Canadian and US banking regulations. He emphasizes North America’s strategic importance for Temenos, citing substantial growth in Software-as-a-Service (SaaS) solutions in the region.
Barnett also points out the tangible benefits that Temenos’ clients are experiencing, including enhanced business agility and expedited deployment facilitated by the platform’s pre-configured banking capabilities.
Based in Toronto, PC Financial offers a wide range of financial services, including its PC Money Account and PC Mastercard offerings. The company’s loyalty program, PC Optimum, allows customers to earn points on their purchases, boasting a membership exceeding 16 million and claiming the title of Canada’s largest loyalty program.
Source: fintechfutures.com
