Eurobank Cyprus, the third-largest bank in the country, has partnered with Swiss banking technology firm Temenos to modernize and upgrade its core and digital banking systems.
The bank has integrated Temenos’ Core and Digital solution, along with services for Financial Crime Mitigation, Analytics, Payment, and Wealth Management.
Through this upgrade, Eurobank Cyprus has centralized areas such as payments and wealth management back office, while also shifting several transactional activities to digital channels for client self-service.
With deposits exceeding €7 billion, Eurobank Cyprus asserts it is now well-positioned to advance its long-term business strategy. This strategy includes promoting ESG-compliant banking, expanding banking services, and enhancing sustainability through paperless and efficient operations.
Michalis Louis, CEO of Eurobank Cyprus, describes the implementation of Temenos as a complex and challenging project. However, he believes the new platform provides the business agility needed to achieve the bank’s goals and paves the way for further expansion and enhancements. The bank aims to grow its position as a market leader through the latest technology.
This move, described by the bank as a “group-wide IT blueprint for other subsidiaries in Eurobank Group,” has resulted in the replacement of 85% of its legacy systems.
Source: fintechfutures.com
