Temenos boosts platform capabilities to accelerate Banking-as-a-Service

By Gloria Methri

Temenos has expanded its Banking-as-a-Service (BaaS) capabilities on Temenos Banking Cloud to meet the technology needs of financial institutions and FinTechs. With the Banking Cloud, incumbent and non-incumbent banks can establish and scale up their BaaS programs with minimal effort, thus opening new revenue streams.

With the new Open Products capabilities, banks and BaaS providers can create and service highly configurable financial products, enabling them to differentiate their embedded finance offerings.

To BaaS providers, Temenos also offers APIs to connect to multiple brands or FinTech and help them deliver digital journeys to their customers and service multiple products from a single platform.

Temenos banking platform can also power ‘as a service’ offerings by BaaS providers such as personal loans and business credits. The complexities of running multiple brands with different customer bases that share common infrastructure and books of records are also easily handled by Temenos’ multi-bank architecture.

Mbanq, one of the leading BaaS providers, is leveraging the Temenos platform to offer BaaS services to its clients. Temenos recently announced that it has invested in Mbanq to capture the BaaS opportunity in the US.

Vlad Lounegov, Chief Executive Officer, Mbanq said, “Temenos banking platform combined with Mbanq’s complementary technologies such as a multi-currency, multi-asset patented digital wallet, brings to market a differentiated BaaS proposition for FinTechs and brands as well as compliant banking and payments capabilities to the regulated partner banks.”

Philip Barnett, President of Americas, Temenos, added, “Our partnership with Mbanq extends our addressable market by opening a new channel to offer BaaS services directly to consumer brands, an incremental market to our business. Together, we bring to market a unique combination of capabilities in embedded finance underpinned by broad and massively scalable functionality, combined with value-add services, such as regulatory and compliance. To sponsor banks, we can offer a parallel core to run their BaaS business separately and securely by integrating into their existing core banking system and with brands.”