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Temenos’ solution to support Alba’s SME bank launch

Des Noctor, Regional Director, UK, and Ireland, Temenos

Scottish business venture AlbaCo Limited has selected Temenos‘ core banking solution in a bid to receive support on its challenger bank launch in the UK. The neobank has selected the supplier’s Infinity, T24 Transact and the Advanced Analytics and Payments module. The supplier has stated that it will provide full hosting and management services to Alba and will aim to provide an agile implementation project delivery.

Des Noctor, Regional Director, UK, and Ireland, Temenos, said, “Our cloud-native, cloud-agnostic technology delivers speed and resilience, providing the security and stability a startup bank needs. The elastic scalability eliminates the need to over-provision costly infrastructure as the bank grows. Temenos Infinity and T24 Transact give a pre-integrated full technology stack – perfect for a new bank like Alba. Neobanks around the world are challenging the status quo and transforming the banking landscape – we’re proud to be part of this evolution.”

According to the Glasgow-based neobank, it will utilize Temenos‘ UK model bank to implement Infinity and T24 Transact and it expects to make the solutions live in a short timeframe at a minimal cost. The model is also expected to assist Alba in meeting the UK’s upcoming regulatory requirements, enhance its customer offerings. The supplier’s implementation partner Syncordis has been selected for the following project.

Alba’s new SME-focused bank is expected to receive a banking license from the Prudential Regulation Authority and will launch in 2020. The bank expects to leverage the supplier’s solution in enhancing its products and offer a timely SME banking experience.

Rod Ashley, CEO, AlbaCo Limited, commented, “We believe that Temenos’ innovative, end-to-end digital banking platform combined with pre-packaged model bank functionality made the company the right choice to help us launch a bank that will offer a personalized experience – one centered around people and support for their businesses.”

Temenos has recently, partnered with challenger banks like Varo Money, Praxia, Judo Bank and Grasshopper Bank.

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