President’s Choice Financial taps Temenos for retail core banking solution
President’s Choice Financial (PC Financial), the financial division of Loblaw Companies Limited, a Canadian food and pharmacy retailer, has partnered with Temenos as it looks to grow its banking business and offer more financial products for consumers.
PC Financial to adopt Temenos’ retail core banking solution
PC Financial is set to integrate Temenos’ retail core banking solution as Software-as-a-Service (SaaS) on Microsoft Azure, which Temenos says will enable the firm to “scale products faster and expand its banking proposition” on a “secure, continuously updated service”.
Furthermore, the Swiss vendor says the adoption of its tech will allow PC Financial to streamline its “end-to-end processes” while ensuring compliance with regulatory requirements.
Commenting on the firm’s new partnership, Philip Barnett, Temenos’s Americas president, explains the company has “invested heavily” in its platform to “assist our clients to comply with applicable Canadian and US banking regulations”, adding that North America is “a strategic region for Temenos” where the company is seeing “tremendous growth in SaaS”.
Barnett adds that Temenos’ clients are already seeing the benefit of this investment through “greater business agility” and the “ability to deploy fast with our pre-configured banking capabilities”.
Headquartered in Toronto, PC Financial provides a range of financial services, including its PC Money Account and PC Mastercard offerings. The firm enables customers to earn points on their spending through its loyalty programme, PC Optimum, which it claims is Canada’s largest, with a membership exceeding 16 million.
