Canadian food and pharmacy retailer’s financial arm will adopt Temenos core banking as SaaS to increase operational efficiency and deliver more innovative products
DUBLIN, Ireland, May 14, 2024 (GLOBE NEWSWIRE) — Temenos Community Forum — Temenos (SIX: TEMN) today announced that President’s Choice Financial® (PC Financial®), part of Loblaw Companies Limited – leading food retailer and pharmacies in Canada, selected Temenos to expand its reach in the Canadian banking market. PC Financial® will adopt Temenos core retail banking solution as a SaaS on Microsoft Azure, enabling it to rapidly scale products and expand its banking proposition.
PC Financial®, known for delivering unprecedented value to customers and its commitment to innovation, offers a range of financial products designed to fulfill the company’s purpose – helping Canadians live well®. Through their award-winning PC® Mastercard® and PC Money™ accounts, customers save on bank fees and earn points linked to PC Optimum™, Canada’s largest and most popular loyalty program with more than 16 million active members.
Implementing Temenos’ core retail banking solution as a SaaS will enable PC Financial® to scale products faster and expand its banking proposition in a reliable, secure and continuously updated service. This cloud-based approach eliminates the need for costly infrastructure investments and enables seamless integration between the group’s retail brands to make everyday transactions simple and rewarding. With Temenos, PC Financial will significantly simplify its end-to-end processes while ensuring compliance with regulatory requirements.
Daksa Mody, senior vice president of core operations at PC Financial, said: “Our partnership with Temenos aligns perfectly with our ongoing commitment to providing Canadians with innovative, simplified financial products with exceptional value. This partnership gives us access to world-class banking resources and allows us to optimize efficiencies, while enabling continued focus on delivering best-in-class products that help Canadians live life well.
Philip Barnett, President – Americas, Temenos, commented: “We are delighted to welcome PC Financial as a Temenos contract brand. North America is a strategic region for Temenos and a market where we see enormous growth in SaaS. Our proven, highly scalable SaaS model, coupled with robust localization and local operations, is attractive to banks and new challengers of all sizes. We have invested heavily in our platform to help our customers comply with applicable Canadian and US banking regulations and our customers are seeing the benefits of massive scale, business agility and rapid implementation capabilities with our pre-configured banking capabilities.”
About President’s Choice Financial
PC Financial® services deliver unprecedented value to customers by simplifying financial products to help Canadians Live Life Well®. Through PC® Mastercard® and PC MoneyMT Account, customers save on banking fees and have earned more than $1 billion in PC Optimum points to redeem for beauty products, groceries, gasoline, clothing and other products. The company is committed to being one of Canada’s most diverse and inclusive employers and makes it a priority to reflect this in its people and culture.
Founded in 1998, PC Financial® is part of Loblaw Companies Limited. For more information, 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 next-generation customer experiences. Top-performing banks using Temenos software achieve cost-income ratios of nearly half the industry average and returns on equity twice the industry average. Its IT spending on growth and innovation is also twice the industry average.
For more information, 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
