Top US-based bank chooses Temenos for Core Banking Modernization in the Cloud

Temenos (SIX: TEMN) announced today that Regions Bank, a top US bank, has selected Temenos to modernize its legacy systems for customer records and deposits on the Temenos Banking Cloud. The transition to software as a service (SaaS) will enable Regions Bank to deliver more seamless customer experiences and more personalized banking products and services designed to help consumers and businesses achieve their financial goals.

With $155 billion in assets, Regions Bank is one of America’s largest full-service providers of consumer and business banking, wealth management and mortgage products and services, ranked 27th by consolidated assets as of December 31, 2022. The company has a long history of delivering an exceptional customer experience and relevant advice and guidance that enables consumers, organizations and businesses to succeed financially.

Temenos leverages deep banking expertise to deliver an open, cloud-based and highly scalable platform combined with a commitment to research and development, robust and proven localization and ongoing investment in US compliance. Furthermore, the Temenos platform provides opportunities to co-exist in a complex IT landscape, as well as proven industry adoption – notably the flagship US Model Bank implementation by Commerce Bank, an early adopter in US regional banks.

Regions Bank, along with Commerce Bank, a full-service regional bank across the Midwest, which completed its core transformation on Temenos’ core banking platform in early 2022, will work with Temenos to help guide the product’s roadmap for the US market.

John Turner, president and CEO of Regions Financial Corporation, commented: “At Regions, the basis of our business is clear: experienced bankers, supported by technology, who meet customers’ needs with competitive solutions. Modernizing our core systems supports our ongoing focus on innovation and delivering value to our customers through personalized offerings and intuitive, streamlined experiences. This in turn paves the way for continued, sustainable growth. We look forward to working with Temenos on the development of banking technology in the US.”

Andreas Andreades, Executive Chairman, Temenos, said: “This is a very strategic win for Temenos in the US, an important region for us, and where we see huge growth in SaaS. With the best customer references such as Commerce Bank, Varo Bank and a global payment provider, and a proven US model bank which is fully compliant with US regulations, provides advanced cloud and SaaS technology and develops US pre-configured banking functions, is now convincing US banks of all sizes, even the largest, to move to Temenos. We look forward to working with regions on their core banking modernization and incorporate their ideas and innovations into our platform to continue our investment and growth in the US market.”