Peru’s Mibanco Partners with Temenos SaaS for Core Banking Transformation

Mibanco in Peru has selcted Temenos' SaaS suite to transform its business as core banking platform.

Mibanco (Banco de la Microempresa), a Peru based microfinance lender, has chosen Temenos SaaS, a global banking technology provider, to upgrade its basic banking infrastructure as part of a larger digital transformation strategy to increase access to funding for small companies.

Mibanco will deploy Temenos Core and Temenos Data Hub on a SaaS model, according to the agreement. The bank anticipates that the action will improve customer experience, increase operational efficiency, and speed up product development cycles, especially for micro, small, and medium-sized businesses (MSMEs).

Alberto del Solar, Deputy CEO, Mibanco, commented that, with their industry-leading technology and proven SaaS expertise, they are pleased to choose Temenos for this major transformation project. With Temenos SaaS running on Microsoft Azure, they can efficiently scale their responsible and profitable microfinance model, offering more agile digital products and services for small business owners and supporting sustainable economic growth in Peru.

Rodrigo Silva, President Americas, Temenos, added that they are delighted that Peru’s largest financial group, Mibanco has selected Temenos SaaS for its core banking modernization. This reflects the strength and agility of their market-leading core banking suite, as well as their regionalized functionality and experience in the local market.

According to the project announcement, Mibanco hopes to increase operational efficiency, improve customer experience, and accelerate product launches with assistance of Temenos SaaS. And with a FICO deployment in 2020 for risk decisioning, Mibanco's key offerings for its 1.9 million micro, small, and medium-sized businesses in Peru include savings accounts, insurance products, and loan services.