Israel’s Bank Leumi has selected Swiss vendor Temenos to overhaul and replace its legacy core banking system as part of its multi-year progressive renovation program.

The bank’s existing core systems will be swapped with T24, a core banking software, and Temenos Connect, a solution for digital channels.

The move is expected to help the Israeli lender reap annual savings amounting to millions of dollars in IT maintenance costs.

Bank Leumi COO Dan Yerushalmi said: "Our existing banking technology is built on multiple, complex outdated systems and is very expensive to operate. The move to T24 will give us a simple, flexible solution that will allow us to launch new services faster and at lower cost across our entire portfolio.

"Starting with the digital bank project in Israel gains us competitive edge in a greenfield market, while at the same time prepares us to roll out a global solution across all business lines."