Cebuana Lhuillier Bank taps Temenos for core banking platform
Cebuana Lhuillier Bank, a rural bank in the Philippines, has partnered with Swiss vendor Temenos to enhance and modernise its core banking platform.
Cebuana Lhuillier Bank partners Temenos for core banking
Founded in 1998 as the banking arm of PJ Lhuillier, Inc., Cebuana Lhuillier Bank specialises in providing credit and savings accounts for individuals and small to medium-sized enterprises (SMEs) in the Philippines’ most rural and financially excluded areas.
The bank anticipates that its latest agreement with Temenos will enable it to “quickly launch new banking products and scale efficiently” as it seeks improved performance and efficiency for customer account and transaction management.
It’s expected the bank, which currently has around seven million customers, will leverage Temenos’ platform to introduce more tailored lending products with the aim of increasing its customer count to 11 million over the next five years.
In a regulatory context, the platform is also expected to assist the bank in meeting the compliance requirements set out by Bangko Sentral ng Pilipinas, its supervising body, by enhancing its ability to react to changing market conditions without relying on complex manual processes.
The bank is to initially deploy the platform through its on-premise data centre. However, Temenos’ cloud compatibility will allow the bank to “easily migrate” to the cloud in the future, should it wish to do so.
Temenos has tasked its multi-regional delivery partner, Orion Innovation, with implementing the platform for the bank and modernising its legacy banking systems.
Creating meaningful change
Describing access to reliable financial services as “paramount” for all citizens, Jean Henri Lhuillier, Cebuana Lhuillier Bank’s vice chairman, says its collaboration with Temenos “strengthens our resolve to provide better services, products and opportunities for Filipinos to create meaningful change”.
Adding to this, the bank’s president, Dennis Valdes, confirms that “our clients’ needs are changing” and that the partnership is “a testament to our commitment to embrace innovation and redefine the banking experience for our valued customers”.
From Temenos, the platform’s managing director of APAC, Ramki Ramakrishnan, says the partnership “reinforces Temenos’ position as a compelling choice for banks across various sizes and segments”, including rural and thrift banks.
Cebuana Lhuillier Bank is now among the litany of banking institutions, including Canadian Tire Bank, Segura Bank and Regions Bank, to sign up for Temenos’ core banking technology in recent times.
