Vista Bank, a challenger bank that operates across Africa, has picked Swiss fintech firm Temenos to replace its legacy systems.
The bank opted for the vendor’s core banking platform Temenos T24 Transact and its front office solution Temenos Infinity.
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Vista also chose the vendor’s analytics and reporting, risk and compliance modules, and the Temenos Payments Hub product.
The choice of Temenos is said to follow a process of “competitive” assessment of solutions.
According to the vendor, its solutions will enable Vista to launch new products rapidly.
Moreover, the vendor’s regional model bank approach with pre-configured local functions is said to meet unique regulatory needs of different jurisdictions.
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By GlobalDataThis feature is said to be particularly beneficial, considering the bank’s expansion plans in West African Monetary Union and Central Africa.
At present, Vista has 43 branches across Sierra Leone, Guinea and The Gambia.
Plans are on to extend the bank’s reach to 15 countries by 2025.
Vista group chairman Simon Tiemtore said: “I am delighted that, through our partnership with Temenos which leverages their 25 years of industry expertise, we now have the most sophisticated, innovative, cloud-native banking platform.
“This will help us realise our vision of building a truly pan-African financial institution group that will add value to the African economy and promote financial inclusion.”
Vista was formed in 2015 through investment fund Lilium Capital’s takeover of First International Bank (FIB) Group.
