Canadian Tire Bank to move to Temenos Banking Cloud
Canadian Tire Bank (CTB), the financial arm of Canadian Tire Corporation, one of Canada’s largest retail companies, is to accelerate its core modernisation with Temenos.
Canadian Tire Bank extends partnership with Temenos
Extending its partnership with Temenos, CTB will utilise the Temenos Banking Cloud to replace its legacy core systems and move to a Software-as-a-Service (SaaS) model. This will enable the bank to deploy banking services and launch new products faster, in order to give its customers a more personalised experience.
Additionally, Temenos’ platform allows the bank to move from a capital expenditure (CapEx) to an operating expense (OpEx) business model that scales based on demand. This means CTB only pays for what it uses, allowing it to capitalise on high availability and performance for peak loads or anticipated growth.
The pair have already begun work on streamlining digital account opening, enhancing CTB’s digital banking features and extending its buy now, pay later (BNPL) capabilities to finance loyalty member spending.
Through the launch of new products, the bank aims to accelerate its digital transformation to integrate CTC’s retail brands and its more than 11 million active loyalty members.
“With Temenos Banking Cloud, Canadian Tire Bank can digitally transform on a trusted and secure platform that provides continuous updates to create new sustainable business models and massively scale faster than ever,” says Philip Barnett, president of Americas and strategic growth, Temenos.
“North America is a strategic region for Temenos, and a market where we are seeing tremendous growth in SaaS,” Barnett adds.
