Presidents Choice Financial, the financial arm of Loblaw, has selected Temenos to extend its reach into the Canadian banking market. Loblaw is the largest grocery retailer in Canada with a market share of almost 30%.
Specifically, PC Financial will adopt Temenos retail core banking solution as SaaS on Microsoft Azure. The deployment will enable PC Financial to rapidly scale products and expand its banking proposition.
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PC Financial offers financial products designed to deliver on the company’s purpose, helping Canadians Live Life Well. For example, PC Mastercard and PC Money Account customers save on banking fees.
PC Optimum loyalty, rewards benefits
In addition, they earn points linked to loyalty reward programme PC Optimum boasting over 16 million members.
The implementation of Temenos’ retail core banking solution as SaaS will enable PC Financial to scale products faster. It will also expand its banking proposition on a trusted and secure, continuously updated service. The cloud-based approach eliminates the need for costly infrastructure investments. It will allow seamless integration across the group’s retail brands with the aim of making everyday transactions simple and rewarding. According to Temenos, PC Financial will significantly streamline their end-to-end processes while ensuring compliance with regulatory requirements.
Daksa Mody, SVP Central Operations, PC Financial, said: “Our partnership with Temenos aligns perfectly with our ongoing commitment to providing Canadians innovative and simplified financial products with exceptional value. This partnership gives us access to world-class banking capabilities and allows us to streamline efficiencies, while enabling continued focus on delivering best-in-class products that help Canadians Live Life Well.
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By GlobalDataPC Financial: a marque signing for Temenos
Philip Barnett, President, Americas, Temenos, added: “We are delighted to welcome PC Financial as a marque signing for Temenos. North America is a strategic region for Temenos, and a market where we are seeing tremendous growth in SaaS. Our proven, highly scalable SaaS model together with robust localisation and local operations is compelling for banks and new challengers of all sizes. We have invested heavily in our platform to assist our clients to comply with applicable Canadian and US banking regulations. Our clients are seeing the benefit in massive scale, business agility and ability to deploy fast with pre-configured banking capabilities.”
