Israel’s largest credit card company has selected Temenos T24 Core Banking.
The digital open banking platform will support Isracard achieve its strategic goal of simplifying its systems architecture. It will also enable the credit card provider to enhance the digital experience for its customers.
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The Temenos platform is extremely scalable and ensures that banks using it will be able to accelerate its digital offering. It can improve and restructure both the front and backend depending on what the bank or financial institution requests.
Temenos T24 Core Banking will provide Isracard with agile technology. Subsequently, this ensures that Isracard can evolve. It can meet both the changing needs of its customers. Furthermore, it will be able to adapt to the fast-changing regulatory environment.
Isracard selects Temenos to adapt to changing environments
It’s essential that banks and financial institutions face up quickly to changing regulations. Furthermore, across the world, new measures change how customers data is protected. Often companies have outdated systems that simply cannot cope with higher levels of data coming in.
In addition, structural regulatory measures in Israel, are aimed at lowering the barrier to entry. This is for nontraditional financial services players to offer banking services.
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By GlobalDataCIO of Isracard, Shai Vardi, commented: “It is really important that we have a single view of our customers’ information in order to offer products and services. We selected Temenos as our technology partner to future-proof our ongoing growth.
“With Temenos’ flexible, packaged T24 Core Banking, we will be able to move from a product-centric to a customer-centric business model, thereby also delivering best-in-class service to our customers.”
Laurent Bramy, regional director at Temenos, said: “We are excited to be working with Isracard, the market leader in Israel. Competition has increased within the country. The Israeli regulators are making it easier for new entrants to overcome the traditional barriers to entry, and with insurance companies being granted permission to establish their own digital banking offers.
“We see Israel as a key market of growth with financial services institutions embarking on digital transformation projects to combat competition and offer innovative and compelling banking experiences to their customers. The team at Isracard understood the need and the real opportunity that streamlining their operations could have in creating a customer-focused proposition. We are delighted to have been chosen as Isracard’s core partner as it continues its exciting ambition of expanding its reach.”
