PBCOM goes live on cloud-based Temenos core banking system
Philippine Bank of Communications (PBCOM) has gone live with Temenos and its Transact core banking platform in the cloud.
PBCOM offers a range of financial solutions, including corporate, commercial and personal loans, cash management and investment services.
The bank is one of the first commercial banks in the Philippines approved by local regulators to host its core banking system in the cloud. It first signed for Temenos in 2012.
Transact will support PBCOMobile, a mobile-only suite of services offered by the bank. PBCOM will also deploy Temenos’ API technology to pursue open banking initiatives and create an ecosystem of third-party suppliers.
The PBCOMobile app launched during the pandemic and allows non-PBCOM customers to open bank accounts by submitting a selfie and an image of a valid ID.
PBCOMobile customers can deposit cheques, request debit card delivery, send “real-time” funds transfers to other banks, make bill payments, and a host of the usual mobile services.
“Open and extendable”
John Howard D. Medina, chief operating officer (COO) at PBCOM, says the bank is building “digital-first” banking services” for customers.
“The Temenos SaaS platform will enable us to bring new digital products and services to market much faster. It is also open and extendable, enabling us to innovate easily and leverage the opportunities with open banking and financial ecosystems.”
Existing Temenos customers in the Philippines include PR Savings Bank, which signed on for Temenos Transact (then called T24) in December 2017.
The vendor is also a supplier to two credit union networks in the country: National Confederation of Cooperatives (NATCCO) and Philippine Federation of Credit Cooperatives (PFCCO).