Banque Internationale à Luxembourg (Bil), a prominent player in Luxembourg’s banking sector, has upgraded its core banking and payments systems with Temenos. This move aims to enhance agility and efficiency across its retail, corporate and private banking operations, stated Temenos.
According to the made by Temenos on Monday 13 May 2024, Bil has successfully transitioned to its core banking and payments solutions, marking a significant step in the bank’s digital transformation journey. The adoption of Temenos’ banking platform equips Bil with advanced capabilities driven by APIs, facilitating rapid product launches and personalised customer experiences based on data insights, the software provider stated. The strategic shift not only streamlines operations but also contributes to cost savings, improved performance and heightened productivity for the bank.
The transition from a decades-old legacy system to Temenos’ modern platform was the result of a comprehensive transformation project. Despite the complexities involved, Bil successfully completed the migration over a single weekend, noted Temenos. On the new banking platform, Bil can seamlessly integrate and automate various banking functions, encompassing cash accounts, deposits, lending, securities and treasury operations, stated the press release.
Moreover, as a key payment hub for other financial institutions, Bil processes a substantial volume of complex and multi-currency payments daily, reaching up to 200,000 transactions. Leveraging Temenos payments hub, the bank consolidates payment rail processing onto a unified platform, including Sepa, Target2 and cross-border transactions, said Temenos. This consolidation streamlines and standardises payment operations, offering a seamless experience for customers while improving operational scalability during peak performance periods.
Jeffrey Dentzer, CEO of Bil, expressed his satisfaction with the successful migration to Temenos’ modern core banking platform in the announcement. He emphasised the significance of this transformation in enabling Bil to deliver top-notch products and services while ensuring sustainable growth in the long term.
William Moroney, president international at Temenos, commended the collaborative effort between Bil, integrator LTImindtree and Temenos, highlighting the successful implementation of this intricate transformation project. Moroney added that the transition to Temenos’ secure and scalable cloud-native platform positions Bil strategically for future expansion and innovation in the banking industry.