Canadian Tire Bank taps Temenos for digital-first core banking upgrade

Core banking vendor Temenos has been selected by Canadian Tire Bank (CTB) as the firm looks to replace its legacy systems with Temenos’ suite of solutions and modernise its operations.

CTB taps Temenos for digital-first banking upgrade

The core banking upgrade forms part of parent company Canadian Tire Corporation’s omni-channel digital-first growth plan. The firm aims to enhance customer acquisition, loyalty and engagement rates within its CTB financial arm.

Temenos CEO Max Chuard says Temenos’ platform “will help Canadian Tire Bank to scale and benefit from new business models built around its retail brands”.

CTB is one of the largest card issuers in Canada and the adoption of Temenos’ tech will help the company provide enhanced digital banking features for its more than two million customers, including streamlined account opening and expanded buy now, pay later (BNPL) capabilities.

Canadian Tire Financial Services CEO and president, Aayaz Pira, says the digital upgrade will enable CTB to drive integration across its retail brands and Triangle Rewards loyalty programme, which currently has 11 million active members.

“By investing in Temenos’ open platform, we will enhance our core banking system to create a modern, cloud-native, digital-first platform supporting our transformation and growth agenda,” Pira adds.