Credit: Can Pac Swire.

Saven Financial, a digital-only division of FirstOntario Credit Union, has gone live with Temenos Infinity and Temenos Transact.

The digital-only arm will leverage Temenos technologies to offer savings accounts and guaranteed investment certificates (GICs).

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Saven will be available to all 13.6million people living in the Canadian province of Ontario through mobiles and website.

FirstOntario Credit Union CEO Lloyd Smith said: “Launching Saven allows us to have a greater reach to new digitally-focused members with a community-centric mission that shifts the perspective of what it means to be a financial institution.

“We’ve designed our digital brand to resonate with people who want anywhere / anytime banking. Our vision is to bring a no-nonsense, digital savings experience to those who want to achieve their financial goals through smart saving.”

Temenos Infinity is a digital banking platform, while Temenos Transact is a core banking offering to enable financial institutions offer personalised solutions.

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The use of Temenos software will help Saven to expedite the launch new products.

Temenos America president Jacqueline White said: “Temenos’ front-to-back solution helps challenger brands create hyper-efficient cost models, and rapidly launch innovative, personalised products and services.

“With our real-time, API-first technology, Saven will create a digital ecosystem that offers outstanding experiences and true value in the day-to-day lives of Ontario consumers.”

Earlier this month, Experian and Temenos bolstered their collaboration to enable financial institutions streamline credit decision making process.

More than 3,000 banks across the globe use Temenos to process daily transactions and client interactions. According to the company, 60 challenger banks have also collaborated with Temenos to expedite the launch.