Temenos (SIX: TEMN), the banking software company, today announced that Saven Financial, a division of FirstOntario Credit Union, has gone live with Temenos Infinity and Temenos Transact. The digital-only greenfield credit union offers high interest savings accounts and guaranteed investment certificates (GICs) with highly competitive rates, leveraging Temenos technology to deliver a fast, seamless digital experience.
Saven is the new destination for savers who want to see their money grow with consistent, competitive rates and make an impact on their community. Available online and on mobile devices to Ontario residents, this easy-to-use, straightforward and secure platform lets members save with ease. Its digital-only model, powered by Temenos technology, enables Saven to offer highly competitive interest rates and more savings to its members. Saven is built on the same cooperative principles as FirstOntario – making a lasting impact on local communities by re-investing a portion of earnings into its communities. Members can select the causes they are passionate about, giving back to their communities without impacting their rates or returns.
Saven used Temenos Infinity, the leading omnichannel digital banking solution, and Temenos Transact, the next generation in core banking, to launch an end-to-end digital platform. Temenos technology offers Saven the flexibility and agility to quickly roll out new products as it grows its offering. With its relentless investment in R&D, Temenos provides Saven with cutting-edge technology and the latest innovations, ensuring it can continue to grow and remain competitive. Temenos has global experience with empowering its clients to differentiate the member and customer experience through digital. More than 60 challenger banks worldwide have leveraged Temenos to launch quickly and innovate at speed including Alba, Banco del Sol, FlowBank, Flowe, Lunar, Next Commercial Bank, Varo Bank and WeLab Bank.
Lloyd Smith, CEO, FirstOntario Credit Union, commented: “Strengthening our communities has always been a commitment of FirstOntario. Launching Saven allows us to have a greater reach to new digitally-focused members with a community-centric mission that shifts the perspective of what it means to be a financial institution. We’ve designed our digital brand to resonate with people who want anywhere / anytime banking. Our vision is to bring a no-nonsense, digital savings experience to those who want to achieve their financial goals through smart saving. To do that we needed to make our online platform easy to use, and enable our members to benefit from our competitive rates. Temenos has been a trusted technology partner of FirstOntario since 2015, and their technology has enabled us to launch a competitive offering that will have a huge positive impact on our members and their communities.”
Jacqueline White, President – Americas, Temenos, said: “We are proud that Temenos technology has enabled FirstOntario to embark on this exciting digital journey with Saven Financial. Temenos’ front-to-back solution helps challenger brands create hyper-efficient cost models, and rapidly launch innovative, personalized products and services. With our real-time, API-first technology, Saven will create a digital ecosystem that offers outstanding experiences and true value in the day-to-day lives of Ontario consumers. We look forward to continuing to partner with them to make banking better, together.”
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About Saven Financial
Saven means saving. It’s that simple. Everything we do is to help people grow their savings for the future while building their local communities, too. That’s why our online platform is both easy and convenient to use, and our members always benefit from our competitive rates and have a voice in our support for community causes. As a division of FirstOntario Credit Union, Saven is powered by the strength of one of the largest credit unions in the province. FirstOntario has been serving members for over 80 years! When you join Saven, your eligible deposits, along with eligible deposits you have with FirstOntario are insured by the Financial Services Regulatory Authority of Ontario (FSRA) to a maximum of $250,000*. By maximizing opportunities for returns and using profits for a higher purpose, we take care of our members and local communities. To learn more about Saven Financial, visit SavenFinancial.ca and follow us on Facebook, Twitter, Instagram and LinkedIn.
About Temenos
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 1.2 billion 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.
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