Top 3 Romanian bank is adopting Temenos core banking to streamline operations and launch new products faster
GRAND-LANCY, Switzerland, Jan. 15, 2025, the third largest bank in Romania, has selected Temenos to modernize its retail and corporate core banking systems.
The state-owned bank is migrating from legacy systems to Temenos' core banking platform including best-of-breed solutions for payments and data analytics. This transformation will enable CEC Bank to drive faster time to market, operational efficiency and business agility as it looks to further strengthen its position in the Romanian banking market.
CEC Bank chose Temenos for its comprehensive functionality across retail, corporate banking and payments on a scalable, cloud-ready platform. Temenos Payments will be used for all domestic and cross-border payments. The bank will also benefit from Temenos' flexible, API-based architecture, to simplify integration with its existing ecosystem and accelerate innovation with third-party services.
Established in 1864, CEC Bank serves over 2 million retail, SME and corporate customers via digital channels and a network of more than 1000 branches across Romania. The bank plays a key role in delivering government programs, such as the disbursement of EU funds, while continuing to launch forward-thinking solutions such as QR code-enabled ATM withdrawals.
The core banking and payments modernization project will be delivered in collaboration with Tech Mahindra and SoftCentric to ensure a smooth transition and market-specific implementation.
Daniel Calin, CIO, CEC Bank, said: "Modernizing our core banking and payments infrastructure with Temenos will enable CEC Bank to deliver improved products and superior experiences for our customers. Temenos offers a best-in-class core banking solution and unifying our business lines on their agile platform will help us to scale more efficiently and innovate faster as we drive the future growth of our business."
Mark Yamin-Ali, Managing Director, Europe, Temenos, commented: "We're delighted to be partnering with CEC Bank on this strategic project, which will help one of Romania's largest banks to streamline its operations, increase automation and deliver faster time to value. Temenos, together with our delivery partners Tech Mahindra and SoftCentric, offers a proven path for transformation and adoption of modern banking technology. Powered by Temenos, CEC Bank is well-positioned to strengthen its leadership and drive innovation in the Romanian market."
About CEC Bank
CEC Bank is the financial institution with the longest tradition in Romania. Founded in 1864, CEC Bank currently has the most extensive national network, with over 1,000 branches and territorial units and with assets of RON 93.23 billion at the end of H1 2023.
CEC Bank is a leading universal bank on the Romanian market and offers a full range of products and services to individuals, SMEs and large corporations, through multiple distribution channels: bank units, ATM and POS networks, internet banking (CEConline), mobile banking (CEC app) and the CEC_IN virtual store - where banking products and services can be accessed 100% online.
About the CEC Bank Group
The CEC Bank Group was established through the takeover, on 27.07.2023, by CEC BANK S.A., of the majority stake (99.993%) of the Rural Credit Guarantee Fund - I.F.N. TO. (FGCR) with 0.007% being held by the Ministry of Agriculture and Rural Development.
FGCR's main activity is the undertaking of guarantee commitments and the issuance of guarantees by leveraging public funds, own sources and any other sources, for loans and other financing instruments granted to individuals and companies - agricultural producers and processors of agri-food products, for agricultural production, storage / processing of agricultural products and for investment objectives in these fields. Currently, FGCR issues guarantees on account of the sources made available by the Ministry of Agriculture and Rural Development, as regulated by a series of normative acts. Details can be found on the FGCR website https://fgcr.ro/despre-noi/.
About Temenos
Temenos (SIX: TEMN) is the world's leading platform for banking, serving clients in 150 countries by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity 2X the industry average. Their IT spend on growth and innovation is also 2X the industry average.
For more information, please visit www.temenos.com.
