Presidents Choice Financial selects Temenos to expand banking business

The financial arm of Canada’s food and pharmacy retailer will adopt Temenos core banking as SaaS to enhance operational efficiency and deliver more innovative products

DUBLIN, Ireland, May 14, 2024 (GLOBE NEWSWIRE) -- Temenos Community Forum -- Temenos (SIX: TEMN) today announced that President's Choice Financial (PC Financial), part of Loblaw Companies Limited – Canada’s leading food and pharmacy retailer, has selected Temenos to extend its reach into the Canadian banking market. PC Financial will adopt Temenos retail core banking solution as SaaS on Microsoft Azure, enabling it to rapidly scale products and expand its banking proposition.

PC Financial, renowned for delivering unprecedented value to customers and its commitment to innovation, offers a range of financial products designed to deliver on the company’s purpose - helping Canadians Live Life Well. Through its award-winning PC Mastercard and PC Money Account, customers save on banking fees and earn points linked to PC Optimum, Canada’s largest and most popular loyalty reward program with more than 16 million active members.

The implementation of Temenos’ retail core banking solution as SaaS will enable PC Financial to scale products faster and expand its banking proposition on a trusted and secure, continuously updated service. This cloud-based approach eliminates the need for costly infrastructure investments and allows for seamless integration across the group’s retail brands to make everyday transactions simple and rewarding. With Temenos, PC Financial will significantly streamline their end-to-end processes while ensuring compliance with regulatory requirements.

Daksa Mody, SVP Central Operations, PC Financial, said: “Our partnership with Temenos aligns perfectly with our ongoing commitment to providing Canadians innovative and simplified financial products with exceptional value. This partnership gives us access to world-class banking capabilities and allows us to streamline efficiencies, while enabling continued focus on delivering best-in-class products that help Canadians Live Life Well.

Philip Barnett, President - Americas, Temenos, commented: “We are delighted to welcome PC Financial as a marque signing for Temenos. North America is a strategic region for Temenos, and a market where we are seeing tremendous growth in SaaS. Our proven, highly scalable SaaS model together with robust localization and local operations is compelling for banks and new challengers of all sizes. We have invested heavily in our platform to assist our clients to comply with applicable Canadian and US banking regulations and our clients are seeing the benefit in massive scale, business agility and ability to deploy fast with our pre-configured banking capabilities.”

About President's Choice Financial
PC Financial services provide unprecedented value to customers, simplifying financial products to help Canadians Live Life Well. Through the PC Mastercard and the PC Money^TM Account, customers save on banking fees and have earned more than $1 billion worth of PC Optimum points to redeem for beauty, groceries, gas, apparel, and other products. The company is committed to being one of Canada's most diverse and inclusive employers and makes it a priority to reflect this in its people and culture.

Established in 1998, PC Financial is a part of Loblaw Companies Limited. For more information, visit www.pcfinancial.ca.

About Temenos
Temenos (SIX: TEMN) is the world’s leading open platform for composable banking, serving clients by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity 2X the industry average. Their IT spend on growth and innovation is also 2X the industry average.

For more information, please visit www.temenos.com.

CONTACT: Media Contacts

Scott Rowe & Michael Anderson
Temenos Global Public Relations
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Alistair Kellie
SECNewgate on behalf of Temenos
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