Latvia’s Baltic International Bank has upgraded its Temenos T24 Core Banking system. Across its retail, corporate and private businesses, the systems are now R17.

The bank completed the digital upgrade to support its expansion in new markets and fulfil growing customer expectations.

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Moreover, Temenos completed this transformation in collaboration with its service partner Foranx.

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During the upgrade process, both partners worked to adapt the bank’s local developments to the version of T24 Core Banking. Furthermore, it installed new modules before transferring the bank to the new system.

Baltic International Banking chairperson of the management board Viktor Bolbat said: “With the upgrade of our core banking platform, our customers will benefit from the best practices and enhanced features that Temenos has invested in the software since our last implementation.

“Moreover, we will be able to continue to scale in line with our growth, and stay ahead of market needs as we continue to expand into new segments.”

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The system will enable Baltic International Bank to upgrade their core banking technology. In addition, it will support the introduction of products and services.

Temenos director of sales Noah Kraehenmann said: “Due to the packaged and integrated nature of T24 Core Banking, our clients benefit from easier and quicker upgrades, empowering them to be future-ready, and to easily add on new modules, such as Baltic International Bank did by implementing an additional asset management module.

“We bring that collaborative approach to our partner relationships as well, partnering with system integrators like Foranx, to implement our platform around the world.”

Baltic International Bank offers a variety of financial services to personal and corporate customers in Latvia. The bank also has representative offices in the UK and Ukraine.