Swiss core provider Temenos will upgrade digital banking at Canadian Tire Bank, the companies announced Wednesday.  

Temenos, one of the world’s largest core providers, will enhance account opening and buy now pay later (BNPL) capabilities for the $6 billion Oakville, Ontario-based bank, whose customer base clears 2 million customers. 

Canadian Tire Bank selected Temenos over other providers for its cloud-native capabilities, Aayaz Pira, the bank’s president and chief executive, said in a release.  

“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 said. 

Scienaptic AI adds to credit union roster

Cheyenne, Wyo.-based Meridian Trust Federal Credit Union has gone live on fintech Scienaptic AI’s platform, the companies announced Tuesday.  

The $586 million credit union is the latest to use Scienaptic AI’s lending automation capabilities to overhaul existing lending processes   including $346 million Innovations Federal Credit Union and $154 million Southwest Louisiana Credit Union. Scienaptic AI will automate decisioning and reduce time to origination and underwriting, Michael Barnhardt Jr., Meridian Trust Federal Credit Union chief lending officer, said in a release.  

“The deployment of Scienaptic’s AI-based platform is helping us provide quick access to credit, make advanced decisions in reduced time and provide our members with customized financial solutions,” Barnhardt Jr. said. “As indicated by early results, an over 50% increase in auto approvals for auto loans will help us have many more proud vehicle owners in our community.”  

Teslar Software nabs community bank

First Texoma National Bank announced Wednesday that it has selected Teslar Software for its automated lending.  

Teslar will automate lending workflows and provide portfolio management solutions, such as exceptions management, annual reviews and construction management. Teslar’s automations are expected to reduce document handling times by 70%, Art Stauffer, chief executive at the $224 million bank, said in a release.  

“Teslar’s ability to seamlessly integrate to our core expedites and strengthens tracking and reporting, allowing our team to work more productively. With Teslar, we expect to reduce time handling loan documents by about 70%, freeing up almost an entire FTE to focus on strategic initiatives,” Stauffer said.  

With locations throughout Oklahoma and Texas, the Durant, Okla.-based bank expects Teslar to support scaling of its business.  

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