NIBank will create a BaaS platform. Credit: Gerd Altmann from Pixabay.

North International Bank (NIBank) has selected banking tech company Temenos to enhance the digital capabilities of its retail banking and private wealth operations.

NIBank will use the TEMENOS Banking Cloud, which supports lending, everyday transactions and wealth management.

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The Antigua and Barbuda-based bank caters to customers in the Caribbean, Latin America, and Europe.

NIBank will leverage Temenos’ cloud agnostic technology to create a banking-as-a-service (BaaS) platform and unlock new sources of revenue via banking and non-banking partnerships.

The lender’s investment in technology is part of its efforts to boost economic growth and provide ‘innovative’ financial services.

NIBank, which offers prepaid and credit cards, also plans to expand its alliance with card giants Mastercard and UnionPay International.

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TEMENOS managing director for Latin America and the Caribbean Enrique Ramos O’Reilly said: “Disruptive technologies and changing customer demands have led to an unbundling of the banking value chain. The rise of embedded finance means banking no longer needs to happen within a bank.

“With TEMENOS, NIBank can offer banking services through retailers and other companies while continuing to build upon its direct customer relationships.”

Jordán Silva Tugues, CEO of NIBank said: “Investing in technology has been one of our top priorities over the past few years. Modernising our technology with TEMENOS Banking Cloud will improve our digital customer experience, increase efficiency, and propel us to the forefront of banking in the digital era.”

Last month, the Swiss banking technology vendor allied with Indian IT major Wipro to accelerate banks’ digital transformation.