Presidents Choice Financial® selects Temenos to expand banking business
May 14 2024 - 4:00AM
Temenos Community Forum -- Temenos (SIX: TEMN) today announced that
President's Choice Financial® (PC Financial®), part of Loblaw
Companies Limited – Canada’s leading food and pharmacy retailer,
has selected Temenos to extend its reach into the Canadian banking
market. PC Financial® will adopt Temenos retail core banking
solution as SaaS on Microsoft Azure, enabling it to rapidly scale
products and expand its banking proposition.
PC Financial®, renowned for delivering unprecedented value to
customers and its commitment to innovation, offers a range of
financial products designed to deliver on the company’s purpose -
helping Canadians Live Life Well®. Through its award-winning PC®
Mastercard® and PC Money™ Account, customers save on banking fees
and earn points linked to PC Optimum™, Canada’s largest and most
popular loyalty reward program with more than 16 million active
members.
The implementation of Temenos’ retail core banking solution as
SaaS will enable PC Financial® to scale products faster and expand
its banking proposition on a trusted and secure, continuously
updated service. This cloud-based approach eliminates the need for
costly infrastructure investments and allows for seamless
integration across the group’s retail brands to make everyday
transactions simple and rewarding. With Temenos, PC Financial will
significantly streamline their end-to-end processes while ensuring
compliance with regulatory requirements.
Daksa Mody, SVP Central Operations, PC Financial,
said: “Our partnership with Temenos aligns perfectly with
our ongoing commitment to providing Canadians innovative and
simplified financial products with exceptional value. This
partnership gives us access to world-class banking capabilities and
allows us to streamline efficiencies, while enabling continued
focus on delivering best-in-class products that help Canadians Live
Life Well.
Philip Barnett, President - Americas, Temenos,
commented: “We are delighted to welcome PC Financial as a
marque signing for Temenos. North America is a strategic region for
Temenos, and a market where we are seeing tremendous growth in
SaaS. Our proven, highly scalable SaaS model together with robust
localization and local operations is compelling for banks and new
challengers of all sizes. We have invested heavily in our platform
to assist our clients to comply with applicable Canadian and US
banking regulations and our clients are seeing the benefit in
massive scale, business agility and ability to deploy fast with our
pre-configured banking capabilities.”
About President's Choice FinancialPC Financial®
services provide unprecedented value to customers, simplifying
financial products to help Canadians Live Life Well®. Through the
PC ® Mastercard® and the PC MoneyTM Account, customers save on
banking fees and have earned more than $1 billion worth of PC
Optimum points to redeem for beauty, groceries, gas, apparel, and
other products. The company is committed to being one of Canada's
most diverse and inclusive employers and makes it a priority to
reflect this in its people and culture.
Established in 1998, PC Financial® is a part of Loblaw Companies
Limited. For more information, visit www.pcfinancial.ca.
About TemenosTemenos (SIX: TEMN) is the world’s
leading open platform for composable banking, serving clients 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.
For more information, please visit www.temenos.com.
Media Contacts
Scott Rowe & Michael Anderson
Temenos Global Public Relations
Tel: +44 20 7423 3857
Email: press@temenos.com
Alistair Kellie
SECNewgate on behalf of Temenos
Tel: +44 20 7680 6550
Email: allnewgatetemenos@secnewgate.co.uk