BIL leverages Tomenos’ core banking platform

Banque Internationale à Luxembourg (BIL), the oldest universal bank in Luxembourg, has implemented Temenos‘ Banking Platform and Payments Hub solutions, marking a significant technology overhaul across its retail, corporate, and private banking operations.

Temenos’ Banking Platform replaces BIL’s legacy core banking system, which had been in use for the past 30 years, with implementation assistance from its delivery partner, LTIMindtree.

The Swiss vendor states that the solution will automate various capabilities for the bank, spanning cash accounts, deposits, lending, securities, and treasury.

BIL’s payment rails will be consolidated into a single platform with Temenos’ Payments Hub solution. The bank, acting as a payment hub for other financial institutions, currently processes up to 200,000 complex and multi-currency payments daily.

According to Temenos, these integrations will result in BIL benefiting from a higher, sustained level of investment in R&D, as well as faster and more cost-effective updating and maintenance, ultimately leading to a lower total cost of ownership.

Jeffrey Dentzer, CEO of BIL, describes the initiative as “a major transformation project” culminating in a “big bang go-live across all business lines”.

Temenos’ latest partnership coincides with its renewed effort to enhance its core banking platform with emerging technologies. The recent launch of Temenos’ new responsible GenAI solutions aims to enable users to engage in natural language queries to generate unique insights and reports within customer and middle office operations and product development.

Prema Varadhan, president of product and COO at Temenos, emphasises that Temenos ensures responsible AI practices by providing transparency, security, safe deployment, and banking-specific capabilities.