Eurobank Cyprus goes live on Temenos for digital and core banking

Press Releases, June 11, 2024

Temenos – Company

GENEVA, Switzerland – JUNE 11, 2024 – Temenos (SIX: TEMN) today announces that Eurobank Cyprus, the country’s third largest bank with deposits exceeding €7bn, has gone live on Temenos, completing a full IT refresh of its core and digital banking systems. The move further strengthens the bank’s customer services and competitive position as the primary bank of choice across affluent, international, corporate and wealth management segments.

The successful transformation program gives Eurobank Cyprus an agile, future-ready banking platform and forms a group wide IT blueprint for other subsidiaries in Eurobank Group. It involved replacing 85% of the bank’s IT landscape and included Temenos Core and Digital (formerly Infinity) together with Wealth Management, Financial Crime Mitigation (FCM), Analytics and Payments.

Through this program, Eurobank Cyprus modernized completely its front-to-back operations, centralizing operations such as payments and wealth management back office and moving several transactional activities to digital channels for client self-service. The scope of the change impacts the entire bank’s customer base, including individual and business customers served by its Corporate, Affluent, International and Private Banking divisions.

Michalis Louis, Chief Executive Officer, Eurobank Cyprus, commented:

“The go-live with Temenos is a major milestone that allows us to transform the bank at a high level. This was a complex and challenging project, but it was expertly delivered by our internal teams and Temenos working closely together. The new Temenos platform gives us business agility to achieve our goals and opens the roadmap for further expansion, enhancements and growing the Bank’s position as a market leader through the latest technology. We look forward to building on this success for customers in Cyprus and across the Eurobank Group.”

Mark Yamin-Ali, Managing Director – Europe, Temenos, said:

“I wish to congratulate Eurobank Cyprus for its vision and execution in transforming the bank for the modern digital age. Eurobank has always been a pioneer, and the move to Temenos including a full breadth of banking capabilities from digital and core banking to payments on an agile, open platform will enable the bank to continue to drive innovation, deliver an outstanding customer experience across all segments and grow sustainably. Temenos has enjoyed a long and successful partnership with Eurobank Group, and we are delighted to support the bank and its future success in Cyprus.”

Eurobank Cyprus is now well positioned to advance its long-term business strategy of expanding its banking services in addition to ESG compliant banking and advancing sustainability through paperless and efficient banking operations. The Bank has also recently received four prestigious awards by Euromoney Magazine for Best International Private Bank in Cyprus as well as Best for Digital Solutions, Best for Sustainability and Best for High-Net-Worth Clients. These awards are a testament to the Bank’s effective use of technology.

Focused on innovation and sustainability, Eurobank Group designs and implements initiatives using cutting-edge technology and following ESG rules.