Eurobank Cyprus, a fully owned subsidiary of Eurobank, has gone live on Swiss banking software provider Temenos following the completion of a full IT transformation of its core and digital banking systems.

The digital modernisation further bolsters the bank’s customer services and competitive position across affluent, international, corporate and wealth management segments.

According to Temenos, the transformation programme provides Eurobank Cyprus with a robust and future-ready banking platform. It also created a group wide IT blueprint for other subsidiaries in Eurobank Group.

The programme comprised the replacement of 85% of the Cyprus-based bank’s IT landscape.

It also included Temenos core and digital (formerly Infinity) along with wealth management, financial crime mitigation (FCM), analytics and payments.

Eurobank Cyprus is said to be the country’s third largest bank with deposits more than €7bn.

Eurobank Cyprus CEO Michalis Louis said: “The go-live with Temenos is a major milestone that allows us to transform the bank at a high level. This was a complex and challenging project, but it was expertly delivered by our internal teams and Temenos working closely together.

“The new Temenos platform gives us business agility to achieve our goals and opens the roadmap for further expansion, enhancements and growing the Bank’s position as a market leader through the latest technology.”

The digital transformation has allowed Eurobank Cyprus to modernise its front-to-back operations completely.

This move helped it to centralise operations including payments and wealth management back office as well as migrate several transactional activities to digital channels for client self-service.

Temenos said that the scope of the change impacts Eurobank Cyprus’s entire customer base, encompassing individual and business customers served by its corporate, affluent, international and private banking divisions.

Temenos Europe managing director Mark Yamin-Ali said: “Eurobank has always been a pioneer, and the move to Temenos including a full breadth of banking capabilities from digital and core banking to payments on an agile, open platform will enable the bank to continue to drive innovation, deliver an outstanding customer experience across all segments and grow sustainably.”