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Temenos SaaS is chosen by Šiaulių Bankas in Lithuania to update core banking.

February 27, 2024
2 Min Reads

Temenos (SIX: TEMN) announced today that Temenos has been chosen by Šiaulių Bankas, the largest independently-owned bank in Lithuania, with assets over €4 billion, to update its core banking platform.

In order to provide more flexibility and resilience to meet the bank's expanding business needs, Šiaulių Bankas is moving all of its retail and corporate banking, including trade financing, to Temenos Banking Cloud.

Following the merging of its retail business with Invalda INVL, Šiaulių Bankas underwent a strategic transformation that included the switch to Temenos core banking software-as-a-service (SaaS). Šiaulių Bankas is a pioneer in Lithuanian SME and mid-cap firm finance, overseen jointly by the European Central Bank and the Bank of Lithuania. With the help of Temenos SaaS, the bank hopes to reach one million customers by 2029 by increasing the number of business and individual clients.

Temenos SaaS guarantees the highest standards of compliance and risk management on a reliable, secure, and constantly updated service, allowing Šiaulių Bankas to benefit from a modern, cloud-native architecture and composable banking services to increase business agility and benefit from faster time to market.

Temenos banking capabilities for Product and Pricing, Data and Analytics, Account Servicing, Deposits, SME Loans, and Anti Money Laundering (AML) are all included in the core banking solution. Šiaulių Bankas gains access to high-performance Service Level Agreements, modern security measures, resiliency, and frequent upgrades on Temenos Banking Cloud.

Temenos Value Benchmark, an industry leading benchmark of 146 banks globally across all categories, shows that clients adopting its modern banking platform, which is Temenos' main business, benefit from a 24 percent higher growth and innovation share of their IT investment. As part of Šiaulių Bankas' assessment to learn more about how to maximize its technology investments to generate business value, the bank took part in Temenos' benchmark.

"A next-generation technology platform is required for our ambitious growth strategy," said Vytautas Sinius, CEO of Šiaulių Bankas. We teamed up with Temenos, a reputable SaaS supplier to hundreds of banks, to take use of their vast knowledge base and array of modular banking features. With the help of the new platform, we will be able to provide outstanding customer experiences and services while moving forward more quickly and adapting to changing client needs.

"We are seeing regulated traditional banks in Europe going to SaaS, not only fintechs and neo banks," stated Mark Yamin-Ali, Managing Director - Europe, Temenos. "We are delighted to welcome Šiaulių Bankas as our first client in Lithuania." A major systemic bank under direct ECB supervision, Šiaulių Bankas represents a strategic victory for Temenos and shows our SaaS offering's confidence. In comparison to operating legacy systems, Šiaulių Bankas can save expenses and introduce innovative solutions into the market more quickly with Temenos Banking Cloud.

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