GENEVA, Switzerland--(BUSINESS WIRE)--Temenos (SIX: TEMN), the banking software company, today announced that Banco Itaú (Suisse) SA and Banco Itaú International, affiliates belonging to one of the world’s largest private bank groups, Itaú Unibanco Holding SA (Itaú), have extended their relationship with Temenos to rapidly deploy Temenos Infinity Wealth and Temenos Transact on Temenos SaaS. Temenos’ cloud-native, cloud-agnostic, API-first technology will power the bank’s international private banking operations on a single, universal wealth management platform with rich functionality, spanning back-office processing through to front-office portfolio management. Temenos SaaS will provide a resilient, secure and fully compliant service to power Itaú’s private banking operations in Switzerland and the U.S. The shift to a single SaaS digital banking platform will drastically reduce the bank’s time-to-market, IT costs and operational complexity and achieve an improved cost/income ratio.
Temenos’ superior technology brings the benefits of SaaS, including accelerated and remote deployment, scalability and efficiencies, combined with elastic cost structure on cloud infrastructure.
Itaú Unibanco is the largest bank in Latin American, offering a broad range of retail, corporate, investment banking and asset management services for clients around the world. Itaú Unibanco has operations in 19 countries throughout the Americas, Europe and Asia. Temenos has been a partner of Itaú’s since 2017. Itaú Private Bank International has selected Temenos Infinity Wealth and Temenos Transact delivered by Temenos SaaS to gain synergies and efficiencies across its global operations by implementing a single digital wealth platform.
The agility, scalability and security of Temenos SaaS combined with the Temenos Model Bank approach provides pre-configured, country-specific functionality for the U.S. and Switzerland. Amid the ongoing COVID-19 pandemic, Temenos SaaS will enable Itaú Private Bank International to benefit from unrivalled levels of business resilience and security.
SaaS-powered Temenos Infinity Wealth, the leading omnichannel digital banking product, and Temenos Transact, the next generation in core banking, will drive operational efficiency throughout the business, allowing Itaú Private Bank International to free up resources formerly dedicated to IT infrastructure and focus on delivering seamless, digital customer experiences. The new digital platform will also support Itaú Private Bank International to increase its assets under management and customer base and scale its business in an agile and sustainable way. Temenos SaaS is continuously deployed 24X7, X365 days per year, delivering highly efficient, elastic scalability and automatically provisioning resources to perfectly match demand upwards or downwards.
Fernando Beyruti, Head of Itaú Private Bank International, said: “Investing in technology that can drive sustainable profitability, efficiency and client centricity is a key pillar of Itaú Private Bank International’s business strategy. With Temenos’ advanced, cloud-native technology, we will keep our attention and focus on the business. The rapid launch of our new, truly universal digital wealth platform supports our international operations and enables us to scale for global expansion in years to come.”
Max Chuard, Chief Executive Officer, Temenos, said: “We are excited to extend our partnership with Itaú, one of the largest banks in the world, as they embrace the power of the cloud to achieve operational excellence for their international private banking business. We are pioneers in cloud software and we have global banking expertise in rapidly deploying SaaS solutions in highly regulated environments. Temenos SaaS will provide Itaú Private Bank International with cost and scalability benefits, high security and availability. Temenos Infinity Wealth and Temenos Transact will transform Itaú Private Bank International’s entire business, from front to back office. Amid the global uncertainty surrounding the COVID-19 pandemic, Itaú Private Bank International will reap the benefits of a highly resilient and secure cloud offering, reduced time to market, and will be able to deliver outstanding digital customer experiences.”
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About Itaú Unibanco Holding SA
Itaú Unibanco, with over 90 years of history, is the largest private bank in Latin America. Present in 19 countries in the Americas, Europe and Asia, it has more than 90 thousand employees and serves individual and corporate customers in all segments.
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.temenos.com.