Temenos announces composable banking services on the Temenos Banking Cloud platform
By Joy Dumasia
Temenos, the banking software company, announced Composable Banking Services and Capabilities aligned to the BIAN (Banking Industry Architecture Network) service landscape on the Temenos Banking Cloud. In addition, Temenos delivers new banking services and technology advancements that create the market’s most comprehensive, cloud-native platform for composable banking.
New pre-composed banking services on the Temenos Banking Cloud can be rapidly consumed from a self-service portal, easily configured, extended or deployed anywhere. Composed Temenos Banking Services consist of pre-configured and pre-assembled Temenos Banking Capabilities plus optional integrated third-party solutions from the Temenos Exchange.
Temenos’ new extensibility framework enables banks or BaaS providers to safely explore additional banking services and capabilities, configure or even extend their functionality, and use the expanded catalogue of country model banks currently available to accelerate time to value and ensure local compliance. Temenos’ partners can also use this feature to write country-specific extensions to Temenos Banking Services without touching their core functionality.
New Temenos Banking Services include Buy Now Pay Later, Challenger Bank, Retail Lending, Payment Fraud Mitigation, KYC Customer Risk Assessment, and Digital Mortgages and Demand Deposits Accounts. These services can be rapidly deployed on the Temenos Banking Cloud, on any public cloud, or premise, with a single code base, no matter the bank’s size, activity, or location. Larger banks can also choose individual Temenos Banking Capabilities such as Lending, Deposits, Accounts or Virtual Accounts and quickly integrate them independently in their systems landscape.
Ivan Mazzoleni, Chief Executive Officer, Flowe, said: “Flowe went live in a record time of just 5 months, onboarding 15,000 customers in its first week. In the first six months, Flowe attracted more than 600,000 customers. Supported by Temenos Banking Cloud, Flowe can grow sustainably, passing on benefits to customers for a cleaner, greener planet and a better society.”
Max Chuard, Chief Executive Officer, Temenos, said: “Our research shows that 76% of banks simply cannot cover their cost of capital. Banks are still burdened by legacy systems, which make it very risky, costly and slow to provide a differentiating and personalized omnichannel customer experience. Doing nothing is no longer an option in this competitive environment. Banks need a new approach to run their business. Our industry-leading platform enables banks to open up to fintechs and partners, rapidly digitalize their processes, and deliver hyper-personalized experiences. We are giving banks the business agility and speed to improve their operations, lower their costs up to 75% and build sustainable businesses.”
IBSi Daily News Analysis
March 01, 2024
Banking Sector and regulatory framework: addressing India’s growing demand for secure lockersRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage