FCM Bank Malta taps DXC Technology and Temenos Platform for Core Banking System Modernization
LONDON, UK, August 30, 2022 — DXC Technology (NYSE: DXC), a leading Fortune 500 global technology services company, has partnered with solution provider Temenos (SIX: TEMN), to lead the digital transformation of critical IT architecture for FCM Bank, one of Malta’s leading providers of savings and fixed-term deposit products.
Drawing on DXC’s expertise in banking and capital markets, and industry leading software from Temenos, FCM Bank has replaced its legacy core banking system with a modern digital platform to support its growth strategy. The new system went live in June 2022, with DXC supporting the migration of FCM Bank’s apps, offerings and customers from the legacy systems to the new Temenos platform.
By moving to the new open and agile platform, FCM Bank will benefit from improved protection from cyber security threats, faster time to market for new products and services, and an overall improvement in efficiency. The Temenos platform also provides functionality for transaction processing, payments, financial crime mitigation and data analytics.
FCM Bank’s new core banking solution was built to anticipate the current and future expansion plans of the bank and its parent company SAB Financial Group. It leverages Temenos open platform for banking with functionality for retail and corporate accounts, deposits, lending and payments. DXC and Temenos enterprise banking experts worked together to deliver the transformation, utilising expertise from Luxoft, a DXC company and one of the leading Temenos system integration practices globally.
“A successful bank needs to be fast and flexible in addressing the needs of its clients. FCM Bank collaborated with DXC Technology to deliver and implement the Temenos banking platform, which the bank considers to be the best in the industry,” said Marcel Homolka, CEO at FCM Bank Limited. “We are also launching a new internet banking system that is up-to-date, intuitive and easy to use.”
“DXC has over 45 years of experience in the banking and capital markets sector, managing over 250 million customer deposit accounts and 275 million cards for leading banks globally, " said Andrew Haigh, Head of Banking and Capital Markets EMEA, DXC Technology. "Building on this experience, DXC is proud to partner with FCM Bank in this exciting new chapter of growth.”
“We are delighted to see FCM Bank complete its core banking modernization, moving from legacy systems to a modern, agile, open platform for composable banking,” added Philip Barnett, President of Strategic Growth, Temenos. “Our strong collaboration with DXC and joint go-to-market helps banks of all sizes remove the burden of legacy IT systems and gain greater speed to market. This successful go-live is a major milestone in the bank’s digital transformation. With the Temenos platform, FCM Bank will benefit from rapid time-to-market for new products and banking services to deliver innovative solutions for its customers today and well into the future.”
About FCM BANK
Founded in 2010, FCM Bank is one of Malta's leading corporate lending banks with over EUR 200 million loan portfolio financing the development of more than 1,000 apartments in Malta. FCM Bank was acquired by the SAB Group in November 2017. SAB Group has extensive experience in banking and financial services with a fully developed infrastructure and significant resources at its disposal. SAB Group also has a stake in a Czech credit institution with more than 25 years’ experience in corporate financing solutions, real estate financing, as well as retail services.
About DXC Technology
DXC Technology (NYSE: DXC) helps global companies run their mission-critical systems and operations while modernising IT, optimising data architectures, and ensuring security and scalability across public, private and hybrid clouds. The world’s largest companies and public sector organisations trust DXC to deploy services to drive new levels of performance, competitiveness, and customer experience across their IT estates. Learn more about how we deliver excellence for our customers and colleagues at DXC.com.
About Temenos
Temenos (SIX: TEMN) is the world’s leading open platform for composable banking, creating opportunities for over 1.2 billion people around the world every day. We serve over 3,000 banks from the largest to challengers and community banks in 150+ countries by helping them build new banking services and state-of-the-art customer experiences. The Temenos open platform helps our top-performing clients achieve return on equity three times the industry average and cost-to-income ratios half the industry average. For more information, please visit www.temenos.com