The Philippine Bank of Communications (PBCOM) has gone live with Temenos’ next-generation core banking Software-as-a-Service (SaaS) to offer a digital-first service in the Philippines.
Branded as PBCOMobile, the bank’s mobile-only suite of services provides a range of financial solutions including deposits, corporate, commercial and personal loans, cash management solutions and investment services.
PBCOM is one of the first commercial banks in the Philippines that has been cleared by the regulator to host its core banking system in the cloud. Using SaaS from Temenos, PBCOM was able to drive mass-market adoption using mobile apps to deliver new digital products and services and provide a low-cost channel to acquire new customers.
Leveraging Temenos’ API-first technology will allow PBCOM to pursue open banking initiatives, enabling third-party developers to create a digital ecosystem of products and services for PBCOM customers.
The PBCOMobile app was launched during the pandemic and national lockdown to acquire and serve digital-first customers. Customers can deposit checks to their accounts using the app, request their PBCOMobile debit card to be physically delivered directly to them, and then link, activate and control the debit card securely from the app. Additionally, customers can use standard mobile banking features, such as real-time funds transfers to other banks, prepaid reloading, bills payments, transfers to other PBCOM accounts, and account maintenance.
John Howard D. Medina, Chief Operating Officer, PBCOM, commented: “The Temenos SaaS platform will enable us to bring new digital products and services to market much faster. It is also open and extendable, enabling us to innovate easily and leverage the opportunities with open banking and financial ecosystems to create digital experiences to help customers manage their money and improve their financial lives.”
Jean-Paul Mergeai, President - APAC and MEA, Temenos, said: “Temenos SaaS will enable PBCOM to launch new products quickly and easily extend its banking services into new market segments with the winning combination of localised, rich banking functionality and advanced cloud technology.”