Swiss banking software provider Temenos has been selected by Lithuania’s independently owned bank Šiaulių Bankas to transform the latter’s core banking platform.

Through the partnership, Šiaulių Bankas will transfer its retail and corporate banking, including trade finance, to Temenos Banking Cloud. This will foster the Lithuanian bank’s growing business requirements with enhanced flexibility and resilience.

Šiaulių Bankas’ migration to Temenos core banking software-as-a-service (SaaS) is part of a strategic transformation following the merger of the bank’s retail business with Invalda INVL.

Under the joint supervision of the Bank of Lithuania and the European Central Bank, Šiaulių Bankas offers small and medium enterprises (SMEs) and mid-cap enterprise financing in Lithuania.

The Lithuanian bank intends to double the number of business customers and private clients to reach one million customers by 2029 with the help of Temenos SaaS.

Šiaulių Bankas CEO Vytautas Sinius said: “We partnered with Temenos, a trusted SaaS provider for hundreds of banks, to benefit from its extensive experience and a broad set of composable banking capabilities.

“The new platform will enable us to move forward faster and to respond to evolving client needs quicker, delivering exceptional customer services and experiences.”

Temenos SaaS will allow Šiaulių Bankas to get the benefit of modern, cloud-native architecture and composable banking services.

It will also increase business agility and time to market and ensure the highest standards of compliance and risk management on a trusted, secure and continuously updated service.

Temenos said that on its Banking Cloud Šiaulių Bankas will get the advantage of continuous updates, advanced security controls, resilience and high-performance service level agreements.

Temenos Europe managing director Mark Yamin-Ali said: “Šiaulių Bankas is a significant systemic bank directly supervised by the ECB and a strategic win for Temenos that demonstrates the trust in our SaaS offering.

“On Temenos Banking Cloud, Šiaulių Bankas can get to market faster with new solutions while also driving down costs compared to running legacy systems.”