Temenos announced that Puerto-Rico headquartered Segura Bank has selected Temenos to power the launch of a new digital bank in the cloud for mid to high earners in Latin America.
Segura Bank will run Temenos’ banking platform on Microsoft Azure to develop banking services faster and at lower cost, offer leading digital experiences and scale efficiently as the bank expands across the continent.
Segura Bank is licensed by Puerto Rico’s financial services regulator, the Office of the Commissioner of Financial Institutions (OCIF) as an “Entidad Financiera Internacional” (EFI). The new digital bank will feature US dollar financial products, helping customers protect their savings from potential currency fluctuations and devaluation and enabling easier international transactions and access to global markets denominated in US dollars.
Segura Bank will leverage the cloud-native core banking capabilities of the Temenos platform for fast and efficient transaction processing, managing customer accounts and ensuring compliance with robust KYC functionality.
Further, adopting Temenos’ model bank processes as standard will enable Segura Bank to improve operational efficiency with increased automation and digitized workflows and to accelerate time to market. The new bank is expected to be fully operational in the coming months.