Canadian credit union Vancity has selected Temenos SaaS to modernise its core banking platform.
The credit union will add new digital banking services on the platform and gradually migrate its existing operations.
Vancity serves more than 588,000 members across over three million accounts. It reports CAD 42.4 billion in assets.
The programme will support core banking across retail deposits, retail lending, corporate banking and payments.
Its scope includes Temenos Core, Temenos Payments Hub and Temenos Data Hub.
This phased model is known as a build-and-migrate strategy. According to Temenos, it allows Vancity to change systems at a pace that protects members, operations and business continuity.
Temenos will deploy the platform on Microsoft Azure. The company said the deployment aims to simplify how Vancity manages its core banking technology and to support the credit union’s ESG commitments.
“Moving to Temenos SaaS represents a deliberate shift toward a simpler, more scalable technology foundation that can continuously evolve, allowing Vancity to innovate faster and respond to our members’ changing needs,”
said Wendy Murphy, Chief Technology and Information Officer at Vancity.
“This program underscores how Temenos’ modern technology platform can help established financial institutions across North America move core banking operations to the cloud while supporting the breadth and complexity of their business,”
said Brian DuVal, President of North America at Temenos.
Featured image: Edited by Fintech News Switzerland, based on image by mrsiraphol via Magnific.
