Judith Erwin, CEO, Grasshopper

Grasshopper Bank N.A., previously known as New York Venture Bank has gone live with Temenos‘ T24 Transact running on the Temenos Cloud. Temenos’ platform will assist the bank in propelling its deposits, lending, commercial banking and payments targeted at SMEs.

Judith Erwin, CEO, Grasshopper, commented: “By launching a greenfield bank, powered by cutting-edge, cloud-agnostic technology, we can spur growth, allowing more companies to launch and creating thousands of jobs in New York. To do so, we required a partner that was entrepreneurial, but at the same time provided experience and proven software. We selected Temenos for its cloud-native, flexible Temenos T24 Transact banking product, but also the visionary, entrepreneurial culture of the company.”

According to the bank, taking New York’s technological ecosystem in perspective, Grasshopper aims to provide its banking services to the SMEs. Temenos’ solutions are expected to assist the bank by enabling business scalability, providing multi-country expansion and multi-currency support.

Minerva Tantoco, CTO, Grasshopper, added: “We wanted to create a bank from scratch in order to build out a state of the art platform, unencumbered by legacy technology. To deliver our vision, we needed a cutting-edge platform with open architecture in order to enable innovation and deliver true digital banking experiences. Temenos T24 Transact provides a pre-packaged, API-first, open architecture that delivers the agility and ability to integrate and innovate that we need as a challenger bank.”

Established in 2019, Grasshopper Bank specialises in venture banking, lending to high growth entrepreneurial companies and focuses on serving the technological space.

Max Chuard, Chief Executive Officer, Temenos, said: “Temenos T24 Transact is the core banking product of choice, not just for incumbent banks, but also for challenger banks around the world. The 24/7, real-time processing and an API-first architecture allows banks of all sizes to be truly digital to the core. By running Temenos T24 Transact on Temenos Cloud, Grasshopper will be perfectly positioned to scale as it grows alongside New York’s booming technology ecosystem.”

Recently, Temenos announced that the Moroccan Bank, BMCE Bank of Africa has implemented Temenos T24 Transact and Financial Crime Mitigation.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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