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Temenos crosses 60 challenger bank clients milestone; rolls out new features

By Megha Bhattacharya

January 21, 2021

  • India
  • Temenos
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temenosTemenos today announced that its challenger banking client base has reached beyond 60. The company provides a front-to-back SaaS offering, enabling challenger banks to accelerate launch and boost service offering to customers. Temenos has been selected by banks including Alba, Alpian, Banco del Sol, Flowe, FlowBank, Lunar, Next Commercial Bank, Pepper, Varo Bank, and WeLab Bank. The news follows the company’s launch of new services such as SME onboarding, Sandbox, multi-currency accounts, etc.

Max Chuard, Chief Executive Officer, Temenos, said, “We see great traction globally where challenger banks – free from the constraints of legacy technology – recognize the potential for Temenos’ advanced technology. I am proud that with our modern technology we have been helping challengers especially ruing the pandemic to bring new products to market faster, be more agile and grow profitably. Temenos has a relentless focus on innovation and is investing over USD 1bn in R&D in the next few years. With Temenos’ cloud-native technology, challengers benefit from lower total cost of ownership and agility, rapid innovation and can offer outstanding banking experiences.”

According to Temenos, the new multi-currency account within Temenos Transact is expected to allow day-to-day transactions in many foreign currencies and enables challengers to offer differentiated services. Its Sandbox feature aims to enable challenger banks to adopt a growth-oriented, early-stage strategy to launch products incrementally and validate new propositions with their customers.

Temenos’ Country Model Banks provides localized banking functionality from account opening to lending and mortgages, including local and regulatory compliance requirements, allowing challengers to deploy the technology faster without customization.

In addition to this, the enhanced SME onboarding services within Temenos Transact will offer protection from fraud with financial crime mitigation, risk and compliance software.

Recently, the company announced the launch of its Enterprise Pricing solution that enables banks to design, manage, and price innovative products, services, and product bundles using their own and third-party products. The company said that the solution can be deployed on Temenos Transact or any third-party core and can support hyper-personalisation of products and services.

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