Eurobank Cyprus overhauls legacy systems with Temenos solutions
Eurobank Cyprus, the country’s third-largest bank, has tapped Swiss banking technology firm Temenos to modernise and upgrade its core and digital banking systems.
Eurobank Cyprus partners Temenos for digital banking transformation
The move, which the bank describes as a “group-wide IT blueprint for other subsidiaries in Eurobank Group”, saw the company replace 85% of its legacy systems.
The bank has integrated Temenos’ Core and Digital solution, along with Financial Crime Mitigation, Analytics, Payment and Wealth Management services.
Through this upgrade, Eurobank Cyprus says it has centralised areas such as payments and wealth management back office, as well as moving several “transactional activities to digital channels for client self-service”.
Eurobank Cyprus, which claims to have deposits exceeding €7 billion, asserts it is now “well positioned” to advance its “long-term business strategy”.
This includes promoting ESG-compliant banking, expanding banking services, and enhancing sustainability through “paperless and efficient operations”.
Michalis Louis, CEO at Eurobank Cyprus, describes the go-live with Temenos as a “complex and challenging project”, however, the bank head believes the new platform “gives us business agility to achieve our goals and opens the roadmap for further expansion, enhancements and growing the Bank’s position as a market leader through the latest technology”.
