back Back

Temenos, Vodeno and Aion Bank collaborated to adopt BaaS in Europe

By Joy Dumasia

September 23, 2021

  • Aion Bank
  • API
  • BaaS
Share

Temenos, the banking software company, Vodeno, a fully cloud-native BaaS provider and Aion Bank, a European licensed digital bank and credit institution, announced a strategic collaboration to accelerate Banking as a Service (BaaS) deployment in Europe.

The first banking services to be launched combine The Temenos Banking Cloud with Vodeno’s card management and payment processing services. The collaboration across all three parties removes the complexities and regulatory overheads of deploying embedded financial services in Europe. Temenos and Vodeno are already engaged in several proofs of concepts with banks and FinTechs across Europe.

The Temenos Banking Cloud combines Temenos Transact and Temenos Infinity banking services which will connect via REST APIs to the VODENO Cloud Platform. Clients will instantly issue digital debit and credit cards for retail and business banking customers through the strategic alliance.

BaaS is emerging as a megatrend within financial services, where licensed banks integrate their digital banking services directly into the products of other non-financial businesses. The BaaS market in Europe is currently estimated at over USD 3 billion. BaaS functionality is attractive to banks, FinTechs, non-banks and specialized BaaS providers, who can now use the combined power of The Temenos Banking Cloud and Vodeno’s technology to create, deploy, consume or monetize new banking services.

Max Chuard, Chief Executive Officer, Temenos, said: “Working with Vodeno and Aion Bank, we offer an open cloud banking platform designed for business agility and massive scale to banks, FinTechs and established brands that wish to offer embedded financial services and drive ultimate customer experiences. We chose Vodeno and Aion Bank to establish this new channel to market for Temenos, which will help us capture the BaaS market opportunity in Europe. The Temenos Banking Cloud combined with Vodeno’s technology and Aion Bank’s proposition will help banks and non-banks to create, deploy, consume and monetize new banking services.”

Recently, IBS Intelligence reported that Temenos, the banking software company, announced the availability of Temenos Transact next-generation core banking with Red Hat OpenShift on IBM Cloud to accelerate hybrid cloud adoption within the financial services industry.

Previous Article

September 23, 2021

Allied Payment Network named Jeffrey Harper President of AFT

Read More
Next Article

September 23, 2021

Front announces the launch of their new app with funding from Will Smith

Read More








IBSi Daily News Analysis

Generative AI

April 12, 2024

Aion Bank

Security experts sound the alarm on Deepfake threats in the age of AI

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 11, 2024

SurePay APIs now available on Temenos Exchange

Read More

April 11, 2024

FICO and Atto partner on Open Banking integration for UK lenders

Read More

April 10, 2024

Insurtech Novidea secures $30m to boost organic expansion

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023