Two community banks have become the first U.S. community bank customers for a software-as-service version of Temenos' core banking system.
Clare Bank in Platteville, Wis., and Farmers Exchange Bank in Louisville, Ala., have adopted the web-based version of T24, Temenos' system, the financial technology firm announced Monday. Geneva-based Temenos has offered its core banking system as a hosted, pay-as-you-go product for several years. Its acquisition of Birmingham-based SaaS banking software company TriNovus, which was announced in March, gave it a leg up in the U.S. market, opening doors to the smaller company's customer base.
Both the $298 million-asset Clare Bank and the $135 million-asset Farmers Exchange selected T24 for its affordability and open architecture, the release said.
Adding T24 "will enable us to give our clients a truly differentiated customer experience, help us to identify and manage their banking needs more effectively, redirect time to serving our customers' needs and further reduce our operational costs by shifting from a report to technology-based approach," said Patrick Clare, president of Clare Bank, in the news release.