Temenos to power digital bank launch for FlowBank
By Megha Bhattacharya
Switzerland-based FlowBank today select Temenos Transact in a bid to power its new Swiss digital bank. Temenos’ Transact is expected to enable the Bank to accelerate launch and boost investing experience for private and institutional investors in Switzerland and internationally.
FlowBank is expected to launch its operations by the end of 2020. It aims to meet the needs of both sophisticated and new investors, who wish to manage their banking and investments on their own. The Bank secured its banking license in July 2020 and is FINMA-regulated, with deposits are guaranteed up to CHF 100,000.
Charles-Henri Sabet, Founder and CEO, FlowBank, commented, “We share the same values with Temenos of achieving the highest standards of customer service excellence, and it is a pleasure to collaborate with another company headquartered in Geneva. Temenos advanced cloud technology will enable us to launch fast and offer outstanding and reliable trading and banking experiences to our customers. Temenos SaaS technology will support our growth and will enable us to take on established players in the market benefit from a hyper-efficient business model and deliver more value to our investors and competitive prices.”
According to Temenos, FlowBank’s customers will be able to trade from a single multi-currency bank account and access more than 50 financial markets. The bank will also be allowed to launch personalized products at a fraction of the time and differentiate the customer experience.
Temenos’ Transact pre-configured banking functionality will enable FlowBank to deploy the technology without customization. FlowBank will offer online banking, trading services and credit cards, an investment experience open to everyone, thanks to a mobile app and an optimized trading platform to deal with all asset classes.
Max Chuard, Chief Executive Officer, Temenos, added, “We are proud to support FlowBank’s launch in Switzerland, which is a country where we have a strong heritage and deep experience. Temenos Transact delivered as SaaS, will allow FlowBank to benefit from scalability and an elastic hyper-efficient cost structure. With Temenos SaaS, the new digital bank will benefit from lower total cost of ownership and allow FlowBank to be agile, rapidly innovate and offer outstanding trading and banking experiences. We see traction globally where challenger banks – free from the constraints of legacy technology – recognize the potential for Temenos’ innovative technology to give them the agility to grow.”
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