Portuguese lender Banco CTT has implemented Misys’ FusionBanking Essence core banking system.

The bank will use FusionBanking Essence as its core banking platform, and FusionBanking Essence Digital for its digital channels.

The implementation will help the bank develop new banking products and open accounts for customers in as early as 15-20 minutes, and offer the bank more effective management of its business from the point of sale to ongoing management, the technology vendor said.

Banco CTT COO Luis Amado said: “Misys supplied all of the technical components that we needed to build a rock-solid core banking system and to ensure consistency across all our digital channels – while also helping us deal with pressure from regulators and our investors.”

Banco CTT, a new bank launched by Portugal’s national post service CTT Correios de Portugal, launched 51 branches in March 2016 and aims launch of a further 200 branches by the end of 2016.The bank is also using the Misys FusionBanking Payment Manager that has been designed to centralise payment and message processing across channels and back office systems to support enterprise wide operational control and SEPA compliance.

Misys CEO Nadeem Syed said: “With FusionBanking Essence, Banco CTT is taking the opportunity to establish a new bank with a competitive offering through investment in its core technology platform, providing customers with a new approach and ensuring future proof architecture which supports changing regulatory demands.”

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