Liberbank has awarded a ten-year contract to Accenture to transform and optimize its core banking applications as part of a plan to boost operational efficiency and business agility while optimizing return on technology investments.

Besides enabling the lender to gain access to innovation and upgrades based on new market trends, the agreement will allow Liberbank to achieve better operational flexibility by optimizing its technology expenses and deploying a more efficient delivery model, based on service-level standards.

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A joint venture (JV) has been established by both companies to offer the services, such as development and maintenance of existing and new core banking applications that support Liberbank’s entire banking operations – from deposits to client account, and credit and bank guarantee processing operations, among others.

Liberbank chief operating officer Orlando Sánchez Jardón said, "This agreement is a major step forward in the technology transformation that Liberbank needs to undertake to better serve its customers."

"It will allow Liberbank to implement core banking processing best practices and benefit from latest technologies."

Accenture financial services group managing director Fernando Rufilanchas commented, "Through this agreement Liberbank will have a more flexible technological model, improved IT efficiencies, and greater access to technological innovation."

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In accordance with the terms of the contract, employees from Liberbank and Accenture will transfer to the new company. The project is being supported by Accenture Core Banking Services.