Lithuania’s Šiaulių Bankas taps Temenos for core banking upgrade
Lithuania-based Šiaulių Bankas has selected Swiss core banking vendor Temenos to modernise its core banking platform as part of its strategic digital transformation drive.
Temenos tapped by Lithuania’s Šiaulių Bankas
The move will see the Lithuanian bank migrate its corporate and retail banking operations to Temenos Banking Cloud in an attempt to enable the company to “move forward faster and to respond to evolving client needs quicker,” says Šiaulių Bankas CEO Vytautas Sinius.
The bank, which merged its retail business with Invalda INVL last November, will also look to leverage Temenos’ core banking tech to double the number of business and private clients it serves to one million customers by 2029.
Through the partnership, Šiaulių Bankas will now have access to Temenos’ banking solutions for anti-money laundering (AML), deposits and SME loans, data and analytics, product and pricing, and account servicing.
Described as a “strategic win” for Temenos, the vendor’s MD of Europe, Mark Yamin-Ali, says its tech allows Šiaulių Bankas to “get to market faster with new solutions while also driving down costs compared to running legacy systems”.
Šiaulių Bankas joins fellow European banks Aktia Bank and Libra Internet Bank in partnering with the Swiss fintech in recent months.
