Isracard plots banking action with Temenos T24 core system
Israel-based credit card firm Isracard has selected Temenos’ T24 core banking system to simplify its systems architecture and look around for extra action.
There aren’t a lot of specifics but Temenos says structural regulatory measures in Israel are “aimed at lowering the barrier to entry for non-traditional financial services players to offer banking services”.
Wants to “future-proof”
Shai Vardi, CIO of Isracard, comments: “It is really important that we have a single view of our customers’ information in order to offer products and services. We selected Temenos as our technology partner to future-proof our ongoing growth, and because of its 25 year of experience and domain expertise in delivering state-of-the-art software in Israel and around the globe.”
Laurent Bramy, regional director, Temenos, adds: “Competition has increased within the country, with the Israeli regulators making it easier for new entrants to overcome the traditional barriers to entry, and with insurance companies being granted permission to establish their own digital banking offers.”
Isracard is made up of four different firms – Isracard, Europay, Aminit and American Express Israel – offering credit card issuing, loans, credit solutions, and payments. Isracard was formed in 1975 by Bank Hapoalim.
As reported in July, private equity firm Warburg Pincus was on the warpath with the purchase of Bank Leumi’s card business for ILS 2.5 billion ($682 million).
The sale of Leumi Card was in accordance with the Law for Increasing Competition and Reducing Concentration in Israel’s banking market, which prohibits the country’s two top banks – Bank Leumi and Bank Hapoalim – to own credit card businesses. The latter is also working on its plans to sell its credit card subsidiary.
In other news, last week Temenos said it will acquire Software-as-a-Service (SaaS) vendor Avoka for $245 million as it looks to reinforce its digital powers.
Temenos has over 300 banking clients and the Avoka platform will be integrated with its Digital Front Office product, for “omni-channel digital banking needs”.
