Puerto Rico-based Segura Bank has chosen Swiss banking software provider Temenos to drive the launch of a new digital bank in the cloud in Latin America.

The new digital bank is aimed at supporting mid to high earners.

Segura Bank will operate Temenos’ banking platform on Microsoft Azure to provide faster banking services at lower cost. It will also help in offering digital experiences and scaling immensely as the bank expands across the continent.

Besides, Temenos’ banking platform will enable Segura Bank to quickly develop new products and services.

Temenos Latin America and the Caribbean sales senior vice president Rodrigo Silva said: “We are delighted that Segura Bank has selected Temenos as the foundation for its growing operation to provide banking services across the rapidly growing markets in Latin America.

“By running our banking platform on the public cloud, the bank will benefit from greater agility, higher performance, scalability, and security. Following our close work with the Segura team, we look forward to supporting them as they grow and develop their offering.”

Segura Bank’s new digital bank will include US dollar financial products to support customers safeguard their savings from possible currency fluctuations and devaluation.

It will also make international transactions as well as access to global markets denominated in US dollars easier.

The bank will make use of the cloud-native core banking capabilities offered by the Temenos platform to facilitate faster and easier transaction processing, customer accounts management, and compliance assurance with KYC functionality.

Furthermore, the adoption of Temenos’ model bank processes as standard will allow Segura Bank to expedite time to market and enhance its operational efficiency with increased automation and digitised workflows.

The new digital bank is anticipated to be fully operational in the next few months.

Segura Bank CEO Juan Zambrano said: “We are delighted to partner with Temenos as the world’s most trusted banking platform. Temenos offers a market leading cloud banking platform and proven expertise across the LATAM region.

“On the Temenos platform, we can build our new digital bank with confidence, and look forward to offering the stability of the US dollars to our key audiences in LATAM as we grow Segura Bank.”