Temenos has announced that Regions Bank, a top bank in the US, has selected Temenos to modernize its legacy systems for customers’ records and deposits on the Temenos Banking Cloud.
The move to Software-as-a-Service (SaaS) will enable Regions Bank to deliver more seamless customer experiences and more personalized banking products and services designed to help consumers and businesses reach their financial goals.
With US$155 billion in assets, Regions Bank is one of the United States’ largest full-service providers of consumer and commercial banking, wealth management and mortgage products, and services ranking 27th in consolidated assets as of December 31, 2022. The company has a long history of delivering an exceptional customer experience and relevant advice and guidance enabling consumers, organizations and businesses to succeed financially.
Temenos leverages deep banking expertise to deliver an open, cloud native and highly scalable platform combined with a commitment to research and development, robust and proven localization and ongoing investment in US compliance. Further, the Temenos platform provides capabilities to co-exist within a complex IT landscape, as well as proven industry adoption – in particular, the flagship US Model Bank implementation by Commerce Bank, an early adopter within US regional banks.
Regions Bank, together with Commerce Bank, a full-service regional bank across the Midwest, which completed its core transformation on the Temenos core banking platform in early 2022, will collaborate with Temenos to help guide its product roadmap for the US market.
John Turner, President and CEO of Regions Financial Corporation, said: “At Regions, the foundation of our business is clear: experienced bankers, supported by technology, meeting customers’ needs with competitive solutions. Modernizing our core systems supports our ongoing focus on innovation and delivering value to our customers through personalized offerings and intuitive, streamlined experiences. This, in turn, paves the way for continued, sustainable growth. We look forward to collaborating with Temenos on the evolution of banking technology in the US.”
Andreas Andreades, Executive Chairman, Temenos, said: “This is a highly strategic win for Temenos in the US, an important region for us, and where we are seeing tremendous growth in SaaS. With the best customer references such as Commerce Bank, Varo Bank and a global payments provider amongst others, and a proven US model bank which is fully compliant with US regulations, delivering advanced cloud and SaaS technology and developing US pre-configured banking capabilities, is now compelling for US banks of all sizes, even the largest to move to Temenos. We look forward to collaborating with Regions on their core banking modernization and incorporating their ideas and innovations into our platform to continue our investment and growth in the US market.”