UK’s Reliance Bank Selects Temenos SaaS to Power Digital Transformation

Temenos (SIX: TEMN), a global leader in banking technology, today announced that Reliance Bank, a specialist UK retail and business bank owned by The Salvation Army, has selected Temenos SaaS to power its digital transformation. 

Reliance Bank will replace its existing legacy systems with a full suite of services, including core banking, digital and payments, on Temenos SaaS. This will help the bank to improve operational efficiency and enhance customer experience on a secure, scalable service, while creating a more agile digital foundation to support its future growth. 

Leveraging Temenos’ UK Model Bank, with pre-configured capabilities specific to the local market, will enable Reliance Bank to develop new products more quickly while reducing the costs and risk of additional software customization. Meanwhile, Temenos’ open, API-based architecture will help the bank to integrate seamlessly with fintech partners to further enhance its capabilities as it looks to expand its customer base. 

Founded in 1890 to provide banking services to the Salvation Army and associated organizations, Reliance Bank retains a strong focus on ethical and community banking, prioritizing lending to businesses that deliver a positive social impact in the UK. The bank offers a range of savings accounts for individuals, as well as current accounts, savings and loans for charities and SMEs.  

Adopting a SaaS model, with continuous updates, support and maintenance handled by Temenos, will empower Reliance Bank to focus on its customers and social mission, rather than on managing its technology. 

Nikki Fenton, CEO, Reliance Bank, commented: “Implementing Temenos SaaS is a key element of Reliance Bank’s digital transformation strategy, providing a resilient, modern infrastructure that will support our growth plans. With Temenos, we’ll be able to scale efficiently and launch customer-centric digital solutions quickly, helping us to grow our deposit base and provide more financial support to charitable and ethical institutions.” 

Mark Yamin-Ali, Managing Director, Europe, Temenos, added: “We’re proud to partner with Reliance Bank on this strategic transformation, and support the bank’s mission to deliver a positive societal impact. With its flexible, cloud-native architecture, broad functionality and pre-configured capabilities for the UK market, Temenos SaaS will help Reliance Bank to meet the needs of its specialist customer base with agility and speed. This agreement reflects Temenos’ proven ability to support institutions with specific requirements, as well as our strong track record and continued momentum in the UK.”