Puerto Rico-based Segura Bank has partnered with Temenos to launch a new digital bank aimed at Latin American customers. As part of this collaboration, Segura Bank will integrate with the Temenos banking platform on Microsoft Azure to create banking services at a lower cost and at a higher speed.

The goal is to provide enhanced digital experiences while maintaining scalability as the bank expands across the continent. The Office of the Commissioner of Financial Institutions (OCIF) has licenced Segura Bank as an International Financial Entity. In order to protect customers from potential currency fluctuations and devaluation, the upcoming digital bank will offer services in USD, a move that will also support international transactions and provide access to global markets denominated in USD.

According to the official press release, by tapping into the cloud-native core banking capabilities of the Temenos platform, Segura Bank will be able to support efficient transaction processing and will gain the ability to manage customer accounts while ensuring compliance with robust KYC capabilities. Improved automation and digitised workflows will also help improve overall operational efficiency while accelerating time to market. The new digital bank is expected to go online in the following months.

Segura Bank representatives talked about this new partnership and revealed their goals to build a new digital bank that can leverage the stability of the US dollars for key audiences in LATAM. More information about the Temenos Banking Cloud One of the primary goals of the Temenos banking platform is to allow customers to leverage the power of open technology to consume, compose, and extend banking services and launch new propositions at scale. Moreover, the Temenos Banking Cloud incorporates a series of modular capabilities across banking segments that support a progressive modernisation path to the cloud.

In May 2023, Temenos partnered with Amazon Web Services (AWS) to offer its core banking solutions as Software-as-a-Service (SaaS) as part of its app integration on AWS. The collaboration between these two entities aimed to create a comprehensive offering to support banks with improved agility, performance, and scalability. In essence, Temenos wanted to provide its clients with more choices and make sure that the Temenos Banking Cloud would become one of the most extensive SaaS solutions covering a wide range of regional and governance requirements, data standards, and certifications.

Temenos and AWS first worked together in 2019 to integrate the former’s open platform onto AWS, having demonstrated success with banking customers ranging from tier-one banks to digital banks from that point onward. .