Canadian Tire Bank (CTB), the financial arm of Canadian Tire Corporation (CTC), has selected Temenos Banking Cloud to advance its core transformation.

Last year, CTB has adopted the Temenos platform to replace its legacy core systems.

The current announcement expands CTB’s existing relationship with Temenos and allows the company to shift to a Software-as-a-Service (SaaS) model.

With Temenos Banking Cloud, the bank can easily deploy banking services and rapidly launch new products to provide more personalised experiences to customers.

Temenos Americas strategic growth president Philip Barnett said: “With Temenos Banking Cloud, Canadian Tire Bank can digitally transform on a trusted and secure platform that provides continuous updates to create new sustainable business models and massively scale faster than ever.

“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 credit unions of all sizes.

“We have invested heavily in our platform to assist our clients with ensuring compliance with Canadian and US regulations and our clients are seeing the benefit in speed to value with our pre-configured banking capabilities.”

Temenos said that its offering will help power new business models at scale by advancing the digital capabilities and developing new products across CTC’s retail brands.

The Temenos Banking Cloud will help CTB move from a capital expenditure (CapEx) to an operating expenses (OpEx) model and elastically scale based on business demand.

It allows CTB to pay only for what it uses and capitalise on high availability and performance for peak loads or anticipated growth.

CTB is one of the largest card issuers in Canada, with more than 2 million customers, and more than $6bn in receivables.

Canadian Tire financial services president, and Canadian Tire Bank CEO Aayaz Pira said: “Our plan for growth and customer engagement centres around best-in-class digital experiences and innovative products and services.

“The move to Temenos Banking Cloud will accelerate our digital transformation to advance our digital banking capabilities in service of further integration across Canadian Tire Corporation’s retail brands and its millions of active loyalty members.

“We will be well-positioned to offer a truly differentiated banking experience for our customers and fulfil our Brand Purpose of Making Life in Canada Better.”