Banque Internationale à Luxembourg Takes Its First Steps With Temenos To Modernize Its Core Banking And Payment Services

Banque Internationale à Luxembourg standardizes its retail banking, merchant banking and private banking operations on the Temenos banking platform with a view to increasing its agility and optimizing its resources

DUBLIN, Ireland, May 14, 2024 (GLOBE NEWSWIRE) -- Temenos Community Forum –  Temenos  (SIX: TEMN) today announced that  Banque Internationale  à Luxembourg (BIL), one of the largest universal banks in Luxembourg, has adopted Temenos' core banking and payments system to increase the agility and efficiency of its retail banking, merchant banking and private banking operations.

This change allows BIL to benefit from the latest banking capabilities of Temenos on a modern API-based platform. This new milestone will enable BIL to quickly launch new products and improve the customer experience through data-driven personalization, while reducing costs and increasing performance and productivity.

Founded in 1856, BIL is the oldest universal bank in Luxembourg, recognized as systemically important by the European Central Bank. With 44.1 billion euros in assets, BIL is a key player in retail banking, private banking, business banking, not including institutional banking, as well as in treasury and markets services. financial.

Following a complex transformation project to replace its 30-year-old core banking system, the move to the new Temenos platform was successfully completed in a single weekend. This success is the result of close collaboration between BIL, Temenos delivery partner LTIMindtree, and a dedicated multi-functional Temenos team.

On the new Temenos banking platform, BIL can integrate and automate a wide range of functions, including cash accounts, deposits, loans, securities and treasury. The bank is also able to process higher transaction volumes, deliver services faster and increase operational efficiencies through digitized processes that will reduce costs and improve customer experiences.

BIL also serves as a payments center for other financial institutions, processing up to 200,000 complex, multi-currency payments every day. Using Temenos Payments Hub, the bank has consolidated all payment rail processing onto a single platform, including SEPA, Target2 and cross-border, to simplify and standardize its payment operations for all customers. Seamless integration with core banking processes, running on the same strategic technology platform, allows the environment to scale massively by managing maximum performance windows for all payment types and schemes.

Thanks to Temenos' single code base for core banking and payments, BIL will benefit from a higher and more sustained level of investment in R&D. Additionally, Temenos' unique platform enables faster and less expensive updates and maintenance, meaning a lower cost of ownership.

Jeffrey Dentzer, Managing Director of Banque Internationale à Luxembourg, commented on the event:  “We are delighted to complete the migration to Temenos' modern, future-proof core banking platform. This was a major transformation project which resulted in a commissioning that completely revolutionized all business lines. On the Temenos platform, we deliver best-in-class products and services to all customers and ensure sustainable growth for many years to come. »

William Moroney, President of Temenos International Business, said:  “I would like to congratulate the teams at Banque Internationale à Luxembourg, LTIMindtree and Temenos for the successful implementation of this significant and complex transformation. The consolidation of several business lines on the secure and scalable platform natively based in the Temenos cloud offers BIL a prime position for its future growth. »

Temenos offers a single platform for all verticals and business segments of the banking industry, including payments and core banking, enabling its customers to benefit from a higher and sustainable level of investment in R&D. The company is the market leader in banking software and is ranked first in eight categories, including core banking and payments, in the global  lBS Sales League Table 2023 .

About Temenos

Temenos (SIX: TEMN) is the world's largest platform for composable banking services to customers in 150 countries. In particular, the company helps them develop new banking services and cutting-edge customer experiences. Top-performing banks using Temenos software achieve cost-to-income ratios nearly half the industry average and return on equity twice the industry average. IT spending on growth and innovation is also twice the industry average. 

To find out more, visit  www.temenos.com .