PBCOM Leverages Temenos’ Cloud Solution to Offer Digital-First Banking Servicesby Fintech News Philippines May 5, 2021
Philippine Bank of Communications (PBCOM) has gone live with Temenos Transact, a core banking Software-as-a-Service (SaaS) solution, to offer digital-first banking services in the Philippines.
PBCOMobile is its mobile-only suite of services which offers a broad suite of financial solutions ranging from deposits and corporate, commercial and personal loans, to cash management solutions and investment services.
Supported by Temenos, PBCOM became one of the first commercial banks in the Philippines approved by the regulator to host its core banking system in the cloud.
The Temenos SaaS solution allowed PBCOM to create PBCOMobile, a self-service onboarding and origination experience for its retail and corporate banking customers.
PBCOM will also leverage Temenos’ API-first technology to pursue open banking initiatives.
The PBCOMobile app which allowed customers to open bank accounts by submitting a selfie and an image of a valid ID.
Customers can deposit checks to their accounts using the app, request their debit card to be physically delivered directly to them, and then link, activate and control the debit card securely from the app.
Using Temenos to deliver its core banking software from the cloud allows PBCOM to focus on its core business and devote capital and resources to better banking solutions.
John Howard D. Medina, Chief Operating Officer, PBCOM commented,
“With Temenos, we are building “digital-first” banking services for our customers they can access via their mobile devices. The Temenos SaaS platform will enable us to bring new digital products and services to market much faster.
It is also open and extendable, enabling us to innovate easily and leverage the opportunities with open banking and financial ecosystems to create digital experiences to help customers manage their money and improve their financial lives.”
Jean-Paul Mergeai, President – APAC and MEA, Temenos said,
“We are proud to support PBCOM to build and scale its ground-breaking digital bank. Temenos SaaS will enable PBCOM to launch new products quickly and easily extend its banking services into new market segments with the winning combination of localized, rich banking functionality and advanced cloud technology.
This is an exciting development in digital banking for the Philippines, and I look forward to seeing the bank continue to innovate, transforming the digital experience for individuals and businesses across the country.”