Itaú Unibanco in wealthtech revamp with Temenos
Itau Unibanco, Latin America’s largest banking group, has signed for a new core banking solution – Temenos’ T24 – for its international private banking business.
The platform, marketed as WealthSuite by Temenos, also includes portfolio management, channels and analytics functions.
It will be deployed in the cloud, in a “big bang” approach.
Carlos Constantini, CEO of US and head of international private banking at Itaú, says the new platform will “enrich the customer experience, reduce time to market for new products, generate efficiencies and reinforce the segments’ digital strategy”.
Also, it will make the bank “better prepared for the exponential evolution of technological cycles”, he adds.
The WealthSuite solution will replace a number of legacy systems, including ERI’s Olympic core banking system, FinTech Futures understands. Itaú uses Olympic in Luxembourg, Switzerland and the US, to FinTech Futures‘ knowledge.
Temenos and Itaú are not new to each other. Back in 2011, the bank signed for T24 for its commercial and wholesale banking operations. Temenos beat Oracle FSS and its Flexcube offering to the deal.
Earlier this year, another Latin American financial institution, LarrainVial, went live with T24 following a seven-year effort.