Municipality Finance Plc (MuniFin) has chosen Temenos to transform its technology and modernise its loan lifecycle system.
The Finnish credit institution will utilise Temenos T24 Transact to improve and simplify its lending IT architecture.
Rainer Holm, EVP, MuniFin, said: “We needed a strategic technology partner with robust, scalable technology to power our digital transformation. Temenos, with its deep expertise within the financial industry and its strong footprint in the Finnish market, as well as its global experience, emerged as the ideal partner and the most suitable solution for MuniFin.
“Temenos’ digital banking platform will enable us to streamline lending processes, gain greater agility and scalability. Additionally, we will be able to provide cost efficiencies across business and IT operations. With Temenos’ proven and open technology, we will improve our efficiency, data quality, increase digitalisation and meet the evolving regulatory requirements. With this we will also be able to focus to our customers’ and provide more value to our owners.”
Drive efficiency and simplicity
Through Temenos’ technology, MuniFin aim to introduce new processes and apply workflows to improve efficiency. In addition, it hopes to meet market standards and client demands in the lending space.
Steen Jensen, Managing Director Europe, Temenos, said: “In the Nordics, and around the world, financial institutions understand the urgency to move away from legacy IT systems to modern packaged software running on the latest cloud-native, cloud-agnostic technology in order to operate efficiently and respond to the latest market opportunities and customer demands.
“The team at MuniFin understood that to develop their business they needed to digitally transform their operations. We’re delighted to work with MuniFin on this project.”
Earlier this year, Temenos launched its AI-powered anti-fraud solution, the Temenos Peer Group Identifier. The tool assists banks in improving their customer experiences through aiming their financial crime detection efforts on the highest risks.