UnionBank fintech subsidiary UBX has collaborated with global banking software firm Temenos to provide digital banking services in the Philippines.
Image: Temenos and UBX have collaborated to provide digital banking services in the Philippines. Photo: courtesy of William Iven / Pixabay.
Over the next five years, the partnership will provide UBX partner financial institutions with access to Temenos’ integrated and scalable core banking software.
Temenos and UBX will allow rural banks, microfinance entities and cooperatives in the Philippines to digitise their financial operations rapidly and in a cost-effective way.
UBX has developed a range of plug-and-play services to support rural banks for offering digital banking services to unbanked and underserved customers in remote communities.
The firm’s i2i service leverages blockchain technology to help connect rural banks to each other and to the country’s main financial networks, helping to bring millions of unbanked Filipinos closer to the financial system.
UBX’s i2i banking solution has already been deployed by various participating rural banks to better carry out their operations.
UBX is optimising its offering by linking an advanced core banking software to its network of financial institutions.
The new partnership with Temenos will allow rural banks to scale up and expand their business with a low total cost of ownership.
UBX is involved in the development of a digital transformation package to help rural banks, microfinance entities and cooperatives to offer digital innovation to their customers.
The combination of UBX’s expertise in open platforms and Temenos T24 Transact will provide advanced banking capabilities to financial institutions across the Philippines.
UBX CEO John Janusccczzak said: “At UBX, our mission is to build platforms that bring businesses and people together. As part of that, we provide access to needed technology and services while connecting communities. The rural banking community in the Philippines has been championing financial inclusion for decades.”
Temenos managing director Martin Frick said: “We are delighted that UBX has chosen to partner with Temenos to make transformational technology more accessible to rural banks and microfinance entities.
“With Temenos’ cloud-native, cloud-agnostic, API-first software, UBX will be in an ideal position to empower banks to provide cutting-edge digital banking solutions, as well as innovative products and services.”