Financial division of Canadian food and pharmacy retailer adopts Temenos Core Banking as SaaS to improve operational efficiency and offer more innovative products
DUBLIN, Ireland, May 14, 2024 (GLOBE NEWSWIRE) — Temenos Community Forum — Temenos (SIX: TEMN) today announced that President's, part of Loblaw Companies Limited, Canada's leading food and pharmacy retailer, Introducing Choice Financial® (PC Financial®). selected Temenos to expand its reach into the Canadian banking market. PC Financial® adopts Temenos' retail core banking solution as SaaS on Microsoft Azure, allowing it to quickly scale its product and expand its banking proposition.
PC Financial® provides unprecedented value to customers and is known for its commitment to innovation, offering a variety of financial services designed to meet the company's purpose of helping Canadians Live Life Well®. We provide products. Through award-winning PC® Mastercard® and PC Money™ accounts, customers save on bank fees and gain access to PC Optimum™, Canada's largest and most popular loyalty rewards program with over 16 million active members. Earn linked points.
By implementing Temenos' retail core banking solution as SaaS, PC Financial® will be able to scale its products more quickly and expand its banking proposition with reliable, secure and continuously updated services. This cloud-based approach eliminates the need for expensive infrastructure investments and enables seamless integration between the group's retail brands, making everyday transactions simple and valuable. With Temenos, PC Financial significantly streamlines end-to-end processes while ensuring compliance with regulatory requirements.
Daksa Mody, PC Financial Senior Vice President of Central Operations, said: “Our partnership with Temenos is perfectly aligned with our ongoing commitment to providing Canadians with innovative and simple financial products of exceptional value. Gain access to business functions and streamline efficiencies while continuing to focus on delivering best-in-class products that help Canadians live better lives.
Philip Barnett, Temenos President, Americas, commented: “We are pleased to welcome PC Financial to our partnership with Temenos. North America is a strategic region for Temenos and a market with significant growth for SaaS. The SaaS model features robust localization and local operations, making it attractive to banks of all sizes and new challengers. We invest heavily in our platform to help our customers comply with applicable Canadian and US banking regulations. customers benefit from the massive scale, business agility, and rapid deployment capabilities of our preconfigured banking capabilities.”
About President's Choice Financial
PC Financial® services simplify the financial products that help Canadians Live Life Well®, delivering unprecedented value to our customers. Via PC ® Mastercard® and PC MoneyTM With their accounts, customers save on bank fees and earn more than $1 billion worth of PC Optimum points that can be redeemed for beauty, groceries, gas, apparel, and other products. The company is committed to being one of Canada's most diverse and inclusive employers, and our top priority is to reflect this in our people and culture.
Founded in 1998, PC Financial® is part of Loblaw Companies Limited. For more information, please visit www.pcfinancial.ca.
About Temenos
Temenos (SIX: TEMN) is the world's leading open platform for composable banking, serving customers by helping them build new banking services and cutting-edge customer experiences. Top-performing banks using Temenos software achieve cost-to-income ratios nearly half the industry average and return on equity twice the industry average. IT spending on growth and innovation is also twice the industry average.
For more information, please visit www.temenos.com.
CONTACT: Media Contacts Scott Rowe & Michael Anderson Temenos Global Public Relations Tel: +44 20 7423 3857 Email: press@temenos.com Alistair Kellie SECNewgate on behalf of Temenos Tel: +44 20 7680 6550 Email: allnewgatetemenos@secnewgate.co.uk
