Haventree Bank has selected Swiss banking software provider Temenos to facilitate its digital transformation and business expansion.

Through its partnership with Temenos, the federally regulated Schedule 1 bank in Canada aims to scale its lending and banking services.

Haventree Bank will utilise Temenos’ core banking as software-as-a-service (SaaS) for unlocking increased business agility, better performance, scalability, and improved security.

The Canadian banking firm caters to the alternative mortgage market across Canada via its broker network. It collaborates closely with the mortgage and deposit broker community to offer tailored mortgage and Guaranteed Investment Certificate (GIC) deposit solutions to clients.

Haventree Bank president and CEO Fern Glowinsky said: “As we continue making strategic investments in technology to expand and deepen our client relationships, we are excited to be partnering with Temenos for Haventree Bank’s new core banking platform.

“This new platform will help power the expansion of our product suite and further our digital transformation towards Haventree 2.0.”

According to Temenos, its scalable SaaS will provide the Canadian bank with the business agility to easily deploy cloud-native, application programming interface (API)-first banking capabilities on a continuously updated service.

It will enable Haventree Bank to focus its resources on clients and partners as well as on transformation and innovation. The bank will also be ensured of an adaptable and modern IT environment, as per Temenos.

Temenos Americas president Philip Barnett said: “By selecting Temenos, Haventree Bank has chosen a strategic technology partner that offers scalability, operational efficiency, and the ability to grow alongside their business.

“With a commitment to the Canadian market, Temenos is dedicated to supporting Haventree Bank in its vision for the future of banking – built on trust and innovation. We offer a proven, scalable SaaS model with localisation and we continue to invest, making our offering the most compelling in the market.”

Earlier this month, Eurobank’s subsidiary Eurobank Cyprus went live on Temenos following the completion of a full IT transformation of its core and digital banking systems.