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BFS goes live on Temenos SaaS to deliver finance faster

BFS goes live on Temenos SaaS to deliver finance faster

Banking & FinanceIndustry VerticalsIntelligent TechnologyRegionsSoftwareSouth AfricaTop Stories

Temenos, the banking software company, has announced that Barko Financial Services (BFS), a South Africa-based microfinance institution, has gone live on Temenos Software-as-a-Service (SaaS) to make it faster and easier for South Africans to access finance remotely during COVID-19.

The Temenos solution combines Temenos Infinity digital banking platform and Temenos Transact next-generation core banking. BFS can now originate loans for customers via mobile, without them ever having to visit the branch, in just 4½ minutes.

Using Temenos Infinity, BFS was able to reimagine the customer experience, designing and building a new lending service within 12 weeks, completing all customer trials and tests, and launching a final product just three months later. With its digital banking platform delivered by Temenos as a service, BFS can focus on its core business and devote capital and resources to better banking solutions.

Kobus de Wet, CEO, Barko Financial Services, said: “While the pandemic has increased our service demand, it has impacted our physical operations and customer access to our branches. With Temenos Infinity, we can offer a personalised and digital lending service that gives our customers instant access to the funds they need when they need them without visiting a branch. Our ambition is to provide more banking products. With Temenos SaaS, we will be able to launch new capabilities faster and provide innovative products which are simple to use and tailored to add value to our target customers.”

Jean-Paul Mergeai, President, APAC and MEA, Temenos, said: “Temenos is proud to partner with Barko Financial Services to make banking better for everyday South Africans. Our SaaS and cloud-native technology enable BFS to increase dramatically the speed, efficiency and agility of its banking operations. This end-to-end platform modernisation with Temenos will help BFS elevate customers’ experience and grow its business sustainably. Temenos is a global banking software company. With a strong presence in South Africa, we have been able to ensure a smooth implementation as well as provide valued expertise to support BFS in their journey to expand their banking proposition.”

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