Haventree Bank implements new software with support from Temenos
Canada’s Haventree Bank has partnered with Switzerland’s Temenos to create a new banking platform. The partnership will see the financial technology provider upgrade a number of the bank’s systems. This will enable the bank to expand its services and improve customer service.
Haventree’s core business is alternative mortgage lending. The bank has operated in the country since 1990 and provides services through its broker network. Its activities are federally regulated. Its services target a group of citizens that, for various reasons, do not have access to traditional financial tools. Haventree offers alternative solutions for obtaining a loan or opening a deposit.
Benefits of the new software
The institution decided to transform its operations to meet the requirements of the modern market. To achieve this, the bank turned to Temenos, a provider of SaaS services. According to Haventree representatives, working with the Swiss company will open up new opportunities for the business:
– increase the flexibility of processes within the bank;
– improve productivity;
– allow the institution to scale its services;
– strengthen the level of security of financial transactions.
One of the key stages of the transformation is introducing cloud technologies into the bank’s operations. In this case, the developers are focusing on API. The application will be hosted on a constantly updated platform, which will ensure high-speed data exchange.
Fern Glowinski, the bank’s CEO, underlined the importance of cooperation with Temenos. The partnership is part of Haventree’s overall development strategy. It will strengthen the financial institution’s position in Canada. In addition, it is essential to provide the company with flexibility in a globally volatile market. This will enable it to withstand difficulties and recover quickly from setbacks.
It is worth noting that the Canadian bank has been investing in innovative technologies for some time. It regularly invests in transforming its business processes to improve efficiency. At the same time, the bank pays particular attention to improving customer interaction.
Glovinsky says the new platform will allow the bank to expand its range of financial products. It will also be a further step in Haventree’s digital transformation.
Other Temenos projects
The Canadian bank is not the first financial institution to use the services of technology provider Temenos. Many financial institutions in North America have partnered with Swiss companies. Among them is the Commerce Bank in the US. Together with Temenos, it has introduced banking software for loan processing.
The Swiss developer also works with President’s Choice Financial, the financial arm of the Canadian grocery and pharmacy chain. The companies are implementing a banking system for retail transactions.
