Guatemalan co-operative network selects Temenos core banking platform
Guatemala-based Federacion Nacional de Cooperativas de Ahorro y Credito (Fenacoac) has selected Temenos‘ RetailSuite core banking platform for its 25 co-operatives that operate under the brand Micoope.
RetailSuite is the brand name for a variety of Temenos products, and includes the T24 core banking system and the business intelligence offering, Insight BI.
Banking Technology understands this is Temenos’ first project in Guatemala.
Oswaldo Oliva Vidal, CEO at Fenacoac, says it has been able to see Temenos’ “commitment and expertise in the credit union sphere” – and “as we continued our discussions with Temenos, they demonstrated superior functionality that will enable us to easily and quickly configure and launch new products”.
Micoope manages 4.5 million accounts and wanted to convert from its legacy system to a new platform, and “have the capability to serve a rural population”.
The first phase of the project will focus on mobile and online banking, as it looks to expand beyond its 263 branches.
The implementation will be conducted across all 25 co-operatives in a “multi-company environment, which will also enable any future member co-operatives to benefit from the platform”.
From UAE to Vietnam
Elsewhere, Temenos has been active.
UAE-based Arab Bank for Investment and Foreign Trade (Al Masraf) is modernising its front-to-back office technology with Temenos.
State Bank of Vietnam (SVB), the country’s central bank, went live with T24. The bank has also implemented Oracle ERP (accounting and budgeting) and Tibco’s middleware.
Another long-awaited go-live of T24 took place this summer in Finland, at Aktia Bank.
Meanwhile, Prival Bank in Panama is set to become “the first regulated wealth client in the cloud” of Temenos. Go-live is set for 2018.
In its Q2 2017 results, Temenos retained momentum with software licensing revenues rising yet again. It reported total software licensing revenues of 22% year-on-year.
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