Top US-Based Bank Selects Temenos for Core Banking Modernization in the Cloud
Regions Bank adopting the Temenos Banking Cloud to modernize deposit system and elevate the customer experience
GENEVA, April 13, 2023 (GLOBE NEWSWIRE) — Further to the press release issued on 29 March 2023 (link), Temenos (SIX: TEMN) today announced that Regions Bank, a top bank in the US, has selected Temenos to modernize its legacy systems for customers’ records and deposits on the Temenos Banking Cloud. The move to software as a service (SaaS) will enable Regions Bank to deliver more seamless customer experiences and more personalized banking products and services designed to help consumers and businesses reach their financial goals.
With $155 billion in assets, Regions Bank is one of the United States’ largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services ranking 27th in consolidated assets as of December 31, 2022. The company has a long history of delivering an exceptional customer experience and relevant advice and guidance enabling consumers, organizations and businesses to succeed financially.
Temenos leverages deep banking expertise to deliver an open, cloud native and highly scalable platform combined with a commitment to research and development, robust and proven localization and ongoing investment in US compliance. Further, the Temenos platform provides capabilities to co-exist within a complex IT landscape, as well as proven industry adoption – in particular, the flagship US Model Bank implementation by Commerce Bank, an early adopter within US regional banks.
Regions Bank, together with Commerce Bank, a full-service regional bank across the Midwest, which completed its core transformation on the Temenos core banking platform in early 2022, will collaborate with Temenos to help guide its product roadmap for the US market.
John Turner, President and CEO of Regions Financial Corporation, commented: “At Regions, the foundation of our business is clear: experienced bankers, supported by technology, meeting customers’ needs with competitive solutions. Modernizing our core systems supports our ongoing focus on innovation and delivering value to our customers through personalized offerings and intuitive, streamlined experiences. This, in turn, paves the way for continued, sustainable growth. We look forward to collaborating with Temenos on the evolution of banking technology in the US.”
Andreas Andreades, Executive Chairman, Temenos, said: “This is a highly strategic win for Temenos in the US, an important region for us, and where we are seeing tremendous growth in SaaS. With the best customer references such as Commerce Bank, Varo Bank and a global payments provider amongst others, and a proven US model bank which is fully compliant with US regulations, delivering advanced cloud and SaaS technology and developing US pre-configured banking capabilities, is now compelling for US banks of all sizes, even the largest to move to Temenos. We look forward to collaborating with Regions on their core banking modernization and incorporating their ideas and innovations into our platform to continue our investment and growth in the US market.”
Temenos (SIX: TEMN) is the world’s leading open platform for composable banking, creating opportunities for 1.2 billion people around the world every day. We serve 3000 banks from the largest to challengers and community banks in 150+ countries by helping them build new banking services and state-of-the-art customer experiences. The Temenos open platform helps our top-performing clients achieve return on equity three times the industry average and cost-to-income ratios half the industry average.
For more information, please visit www.temenos.com.
CONTACT: Media Contacts Jessica Wolfe & Scott Rowe Temenos Global Public Relations Tel: +1 610 232 2793 & +44 20 7423 3857 Email: [email protected] Alistair Kellie Newgate Communications on behalf of Temenos Tel: +44 20 7680 6550 Email: [email protected]
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.