BIL moves to standardise technology infrastructure on the Temenos Banking Solution Suites
Temenos (SIX: TEMN), the software specialist for banking and finance, today announces that Banque Internationale à Luxembourg (BIL), a leading Luxembourg universal bank, has selected Temenos to provide the software solutions for a major system transformation project. The project will see Temenos software used across the bank’s full operations in retail banking, private banking and corporate banking.
In a move to reinforce its position as a leading multi-business bank, the system renovation project will focus on digitalisation and client service innovation across all business lines. The project, to be delivered progressively over the next few years, will result in most of the bank’s current legacy systems and platform components replaced with Temenos solutions, delivered as a combination of the Temenos Retail, Corporate Banking and Private Wealth Suites, containing the integrated channels, front, middle and core banking components for the markets in which BIL operates. The new system’s architecture, based on agile methodology, will allow for a more timely and fully client-oriented approach.
Yves Baguet, COO, BIL: “We have selected Temenos as our IT platform partner for the future on the basis of their corporate strength, the breadth and depth of their solutions, and their open, flexible and scalable architecture. And also for their delivery track record and their certified implementation partners network. Our IT transformation program, called Ignite, will be implemented to support our business strategy for the future and includes the simplification of our applications landscape and operational processes. The first phase will be about building a modern infrastructure for digitalized processes and client oriented business value based on their experience, as well as creating a solid foundation for the core banking transformation phase to follow.”
David Arnott, CEO, Temenos: “We are delighted that BIL has selected Temenos solutions to underpin its system transformation. By taking Temenos’ integrated, front-to-back solutions across its private, corporate and retail banking business, BIL puts itself in a position to differentiate its customer experience at the same time as driving efficiency and speed of delivery in the back office. As such, BIL will be able to sustainably differentiate its customer proposition in a highly competitive marketplace ensure the continued success of a great and longstanding institution.”
Temenos Group AG (SIX: TEMN), headquartered in Geneva, is a market leading software provider, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 2,000 firms across the globe, including 38 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers. Temenos customers are proven to be more profitable than their peers: in the period 2008-2014, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications.
Founded in 1856, Banque Internationale à Luxembourg (BIL) is the oldest universal bank in the Grand Duchy. It has always played an active role in the main stages of development of the Luxembourg economy. It currently operates in retail, private and corporate banking, as well as on financial markets. Employing more than 2,000 people, BIL is present in the financial centres of Luxembourg, Switzerland (since 1984), Denmark (since 2000), the Middle East (since 2005) and Sweden (since 2016).