Canadian Tire Bank (CTB), the financial arm of Canadian Tire (CTC), will adopt Temenos Banking Cloud to speed up the former’s core modernisation.
Last year, Canadian Tire Bank selected the Temenos platform to replace its legacy core systems.
The new adoption of Temenos Banking Cloud is an extension of the financial services company’s relationship with Temenos and it aims to move to a software-as-a-service (SaaS) model.
It will allow Canadian Tire Bank to deploy banking services more easily and launch new products faster to offer customers seamless and more personalised experiences.
Canadian Tire Bank CEO and Canadian Tire Financial Services president Aayaz Pira said: “The move to Temenos Banking Cloud will accelerate our digital transformation to advance our digital banking capabilities in service of further integration across Canadian Tire Corporation’s retail brands and its millions of active loyalty members.
“We will be well-positioned to offer a truly differentiated banking experience for our customers and fulfil our Brand Purpose of Making Life in Canada Better.”
Temenos Banking Cloud will enable new business models at scale by enhancing the bank’s digital capabilities and creating new products across CTC’s retail brands and over 11 million active loyalty members.
According to the banking software company, Temenos Banking Cloud will allow Canadian Tire Bank to shift from a CapEx to an OpEx model and flexibly grow based on business demand.
Temenos has also started collaborating with Canadian Tire Bank to optimise digital account opening, improve digital banking features and extend the latter’s existing buy now pay later capability for financing loyalty member spend.
Temenos Americas and strategic growth president Philip Barnett said: “With Temenos Banking Cloud, Canadian Tire Bank can digitally transform on a trusted and secure platform that provides continuous updates to create new sustainable business models and massively scale faster than ever.”
