The Philippine Bank of Communications (PBCOM) has implemented Temenos’ core banking software-as-a-service (SaaS) solution to provide its new mobile banking service.
PBCOMobile, the bank’s mobile-only service, offers customers with a range of financial solutions including deposits, corporate, commercial and personal loans, cash management solutions and investment services.
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By GlobalDataPBCOM, powered by Temenos, is one of the country’s first commercial banks that is cleared to run its core banking system in the cloud.
The vendor said that its SaaS solution Temenos Transact enables the bank to support mass-market adoption using mobile apps to deliver new digital-first services.
Temenos APAC and MEA president Jean-Paul Mergeai said: “Temenos SaaS will enable PBCOM to launch new products quickly and easily extend its banking services into new market segments with the winning combination of localised, rich banking functionality and advanced cloud technology.”
The PBCOMobile app allows retail and corporate banking customers to deposit cheques to their accounts as well as request their new PBCOMobile debit card, which can be linked, activated and controlled securely from the app.
Additionally, the customers will have access to standard mobile banking features including real-time money transfers to other banks, prepaid reloading, bills payments, transfers to other PBCOM accounts, and account maintenance.
PBCOM COO John Howard Medina said: “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 to create digital experiences to help customers manage their money and improve their financial lives.”
Besides, the PBCOMobile Concierge feature of the app allows customers to request account-related transactions.
Last month, Australian bank MyLife MyFinance completed its digital transformation and went live with the Temenos SaaS platform.
