MyLife MyFinance, the banking business that Challenger bought from Catholic Super, is using Temenos’ banking software to launch its digital platform.

The new system will reportedly replace MyLife MyFinance’s legacy systems and allow the bank to reduce the time it takes to prepare loan documents from one hour to five minutes.

Challenger indicated it bought the bank for $35 million in December when it received an Authorized Deposit Institution (ADI) license from APRA.

The investment manager has signaled it will expand its offerings to the pensioner market with the deal, which is still subject to APRA and Treasury approval.