Bank of Ireland has chosen Temenos’ UniversalSuite front-to-back solution for retail, commercial and corporate banking to revamp its core banking and channels platform.

The move forms part of the bank’s €500m revamp plan, known as Project Omega.

Currently used by over 400 banks worldwide, UniversalSuite will lower the banks’ infrastructure costs, allows it to provide improved customer centricity at scale and capitalise on open banking initiatives, the technology vendor said.

The bank will use UniversalSuite’s real-time analytics and integrated digital channels to offer personalised customer experience.

Bank of Ireland CEO Richie Boucher said: “Our focus over the next several years is on adopting, integrating and moving on a careful and phased basis to more scalable and modern platforms that position us for long term sustainability and competitiveness.

“We are pleased to work with Temenos, which has a proven track record globally in delivering best-practice core banking systems.”

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Temenos CEO David Arnott said: “Banks across the world are making strategic decisions to put digital at the heart of their growth plans and system replacement is the foundation for this. Following recent agreements with Nordea Bank and Standard Chartered Bank, this deal further demonstrates that Temenos is the established technology partner for the digitization of the financial services industry.”