Segura Bank International, (SBI), based in Puerto Rico, has launched a new digital bank for mid to high earners in Latin America using the Temenos core banking platform distributed in the cloud.

The office of the Commissioner of Financial Institutions (OCIF), Puerto Rico’s financial services regulator, has licensed SBI as an “International Financial Entity” (IFE).

Temenos’ cloud-native platform will help SBI launch banking offerings more quickly and scale effectively as it grows throughout the continent.

By utilising Temenos’ banking features for Multicurrency Accounts and Deposits, SBI will be able to provide its clients with US dollar financial products that will help safeguard their savings against possible currency swings and devaluation. Furthermore, facilitate simpler international transactions and provide access to US denominated global markets.

Additionally, SBI intends to employ the Temenos platform’s cloud-native core banking functions to expedite transaction processing, manage customer accounts, and bolster bank compliance.

Temenos’ model bank and pre-configured banking procedures, which boost operational effectiveness and quicken time to market through enhanced automation and digitalised workflows, are another advantage that SBI benefits.

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Lastly, the installation, which was assisted by delivery partner ITSS, took only six months, and Temenos’ cloud-native, API-first architecture made it easy for SBI to establish an ecosystem to meet its evolving requirements.

Juan Zambrano, chief executive officer, Segura Bank International, stated: “We are delighted to be running our multicurrency accounts and deposits on the world’s most trusted banking platform. Temenos offers a market-leading cloud-native banking platform and proven expertise across the LATAM region. This will allow us to grow our new digital bank with confidence, as we offer the stability of US dollars to more customers across Latin America.”

Rodrigo Silva, executive vice president – Americas, Temenos, added: “Congratulations to Segura Bank International on this successful launch. By running our banking platform on the public cloud, the bank benefits from greater agility, higher performance, scalability, and security to grow its operations and provide banking services across the rapidly growing markets of Latin America.”