Banque Internationale à Luxembourg goes live with Temenos to modernize core banking and payments

1 month ago

Banque Internationale à Luxembourg standardizes its retail, corporate and private banking operations on Temenos banking platform to increase agility and optimise resources

DUBLIN, Ireland, May 13, 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 gone live with Temenos core banking and payments to increase agility and efficiency of its retail, corporate and private banking operations.

The move gives BIL the latest banking capabilities from Temenos on a modern API-driven platform. It will enable BIL to launch new products quickly and improve the customer experience with personalization driven by data, while also saving costs and driving up performance and productivity.

Founded in 1856, BIL is the oldest universal bank in Luxembourg, recognized as systemically important by the European Central Bank. With EUR44.1 billion in assets, BIL is a key player in retail, private, corporate and institutional banking as well as treasury and financial market services.

Following a complex transformation project, replacing its 30-year-old legacy core banking system, the switch-over to the new Temenos platform was successfully completed in just one weekend. This was the result of close cooperation between BIL, Temenos delivery partner LTIMindtree and a dedicated multifunctional team from Temenos.

On the new Temenos Banking Platform, BIL can integrate and automate a wide range of capabilities, including cash accounts, deposits, lending, securities and treasury. The bank is also able to handle larger transaction volumes, deliver faster and increase operational efficiency with digitalized processes that will reduce costs and enhance customer experience.

BIL also acts as a payment hub for other financial institutions, processing up to 200,000 complex and 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 payments operations for all customers. Seamless integration with core banking processes, running on the same strategic technology platform, enables the environment to scale massively handling peak performance windows for all payment types and schemes.

With Temenos’ single code base across core banking and payments, BIL will benefit from a higher, sustained level of investment in R&D. Furthermore, the single Temenos platform allows for faster and lower cost updating and maintenance, which means a lower total cost of ownership.

Jeffrey Dentzer, CEO, Banque Internationale à Luxembourg, commented: “We’re delighted to complete the migration to Temenos’ modern, future-ready core banking platform. This was a major transformation project culminating in big bang go-live across all business lines. On the Temenos platform we deliver best-in-class products and services for all customers and ensure sustainable growth for many years to come.”

William Moroney, President – International, Temenos, said: “I’d like to congratulate the teams from Banque Internationale à Luxembourg, LTIMindtree and Temenos on a successful implementation of this large, complex transformation. Bringing together multiple business lines on Temenos’ secure, scalable cloud-native platform positions BIL strongly for future growth.”

Temenos offers a single platform across all banking verticals and business segments including payments and core banking and as a result its clients benefit from a higher, sustained level of investment in R&D. It is the market leader in banking software, ranked #1 in eight categories, including core banking and payments, in the global IBS Sales League Table 2023.

Temenos (SIX: TEMN) is the world’s leading platform for composable banking, serving clients in 150 countries by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity 2X the industry average. Their IT spend on growth and innovation is also 2X the industry average.

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