Temenos today announced that it has signed a Multi-Country Model Bank development agreement with Bahwan CyberTek (BCT), a global digital transformation company. Temenos Country Model Banks offer financial institutions a faster go-live experience with Temenos solutions, while simultaneously reducing costs and risks through pre-configured banking functionality and country-specific localization.
The agreement will see BCT develop further and market Temenos Country Model Banks, using the latest cloud-native technology and extensibility framework, for financial institutions in India, Sri Lanka, Nepal, Bangladesh, Cambodia, Philippines and Taiwan. Additionally, BCT becomes the Temenos preferred upgrade partner for banks in these markets.
Country Model Banks are a key differentiator for Temenos and through such agreements, Temenos can scale this competitive advantage, with partners further developing and building new model banks compatible with Temenos’ composable banking solutions and SaaS offerings.
With a network of 4,500 product engineering and digital services practitioners and consultants, BCT will support Temenos clients' modernization programs. BCT has committed to invest in developing localized functionality to further enhance the Temenos Model Banks for financial institutions in the seven countries.
This new agreement extends the close collaboration between the two companies with BCT signing a strategic agreement with Temenos in 2022 to market, implement, and support all Temenos products and solutions in India, Sri Lanka, Nepal, and Bhutan.
William Moroney, Chief Revenue Officer, Temenos, commented: “We are delighted to extend our strategic relationship with BCT to provide enhanced local functionality and service capability to customers in India, Sri Lanka, Nepal, Bangladesh, Cambodia, Philippines and Taiwan. By leveraging the expertise and resources of both companies, this collaboration will enable financial institutions in these markets to deliver innovative and customer-centric banking experiences with greater agility and speed to market while also reducing cost and risk.”
S. Durgaprasad, Co-founder, Director & Group CEO, Bahwan CyberTek, said: "We are excited to collaborate with Temenos in developing and marketing Country Model Banks, enabling financial institutions in these countries to leverage the latest banking capabilities and technology from Temenos to achieve operational excellence and their digital transformation goals. This latest agreement between our companies signifies a significant step forward in empowering financial institutions across these target markets in Asia with innovative banking solutions, ultimately driving growth and enhancing customer experiences.”
