In a bid to enhance agility and streamline operations, Banque Internationale à Luxembourg, BIL, one of Luxembourg’s universal banks, has implemented Temenos core banking and payments platform.

BIL, founded in 1856 and recognised as a systemically important institution by the European Central Bank, embarked on a significant modernisation initiative to standardise its retail, corporate, and private banking operations.

With assets totalling €44.1bn ($47.5bn), BIL sought to leverage modern technology to improve efficiency and enhance customer experience.

The transition to Temenos’ platform marks a milestone for BIL, replacing its outdated legacy core banking system with a modern, API-driven solution. This move is expected to allow BIL to introduce new products swiftly and offer personalised services driven by data insights. Additionally, the bank anticipates significant cost savings and performance improvements.

Moreover, BIL completed the complex transformation project in collaboration with Temenos delivery partner LTIMindtree and a dedicated team from Temenos.

The seamless migration to the new platform positions BIL to integrate and automate various banking capabilities, such as cash accounts, deposits, lending, securities, and treasury services.

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A major aspect of the transformation involves BIL’s role as a payment hub for numerous financial institutions. With Temenos Payments Hub, the bank consolidates its payment processing onto a unified platform, simplifying operations for SEPA, Target2, and cross-border transactions. The integration with core banking processes ensures scalability and high performance during peak transaction periods.

Jeffrey Dentzer, CEO, Banque Internationale à Luxembourg, stated: “We’re delighted to complete the migration to Temenos’ modern, future-ready core banking platform. This was a major transformation project culminating in big bang go-live across all business lines. On the Temenos platform we deliver best-in-class products and services for all customers and ensure sustainable growth for many years to come.”

William Moroney, president – International, Temenos, added: “I’d like to congratulate the teams from Banque Internationale à Luxembourg, LTIMindtree and Temenos on a successful implementation of this large, complex transformation. Bringing together multiple business lines on Temenos’ secure, scalable cloud-native platform positions BIL strongly for future growth.”

Temenos, a provider of banking software, offers a single platform covering core banking and payments, ensuring sustained investment in research and development.