Temenos helps Challenger banks get started in weeks with new banking services on the Temenos Banking Cloud


Geneva, Switzerland–(BUSINESS WIRE)–Temenos (SIX: TEMN), the banking software company, today launched new Temenos banking services designed specifically to meet the unique requirements of challenger banks. These services can be deployed quickly on Temenos Banking Cloud, accelerating challengers to market with innovative products and services and helping them scale quickly and at a fraction of traditional implementation costs.

With challenger banks such as Alex Bank, Flowe, FlowBank, Green Point, Bank Varo, Virgin Money Australia and WeLab Bank After selecting the Temenos open platform for composable banking, Temenos has surpassed the milestone of 70 neobank customers and is now launching a range of new feature-rich banking services to cater to this growing segment.

New Composable Temenos banking services include Retail Banking – a comprehensive service to quickly deliver deposits, loans and retail accounts – financial crime mitigation, payments and Explainable AI (XAI) for lending to individuals in order to offer highly personalized and differentiated banking experiences.

Temenos banking services accelerate time to market and speed of innovation for neobanks by quickly and easily combining Temenos’ comprehensive list of banking capabilities and the broader ecosystem of pre-integrated solutions on the Temenos Fellowship.

Unlike other vendor solutions, with Temenos Banking Cloud, neo-banks can access pre-composed integrated banking services, which eliminates tedious and cumbersome integrations and major upgrades. These new banking services on Temenos Banking Cloud can be quickly consumed from a self-service portal and easily configured, extended or deployed anywhere.

Banks can easily configure Temenos’ underlying banking capabilities in a low-code environment, or select pre-configured, country-specific template bank deployments. Temenos’ Low Code platform enables the bank itself or through partners to extend banking services and build its own technology where differentiation provides competitive advantage. By having a unique configuration of top-notch software components, neobanks are very flexible for the future and can provide top-notch customer services.

For example Bank Varo, the first fully digital nationally chartered bank in the United States, operates at 75% less cost than incumbent banks powered by the core Temenos banking platform. Temenos’ cloud-native platform for composable banking has helped Varo scale its business. Temenos’ core banking platform enables the bank to deliver digital services at scale and bring financial inclusion to millions of Americans.

Colin Walsh, Managing Director of Varo Bank, said: “The Temenos Banking Cloud enables Varo to scale with customer demands, roll out the new product and significantly reduce operational costs. The functionality of the Temenos banking platform allows Varo to bypass the use of multiple third-party providers for payments and processing, and speeds time to market.

Max Chuard, CEO of Temenos, said: “We are seeing great traction globally where challenger banks – free from the constraints of legacy technology – recognize the power of the Temenos Banking Cloud. We have industry-leading levels of investment in innovation We will be investing over $1 billion in R&D over the next few years With the open Temenos platform and the out-of-the-box functionality we offer with Model Bank, we’re helping challengers get started faster, bring new products to market, be more agile and grow profitably.Our cloud technology enables challengers to benefit from lower total cost of ownership and agility, rapid innovation and can deliver exceptional banking experiences.

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About Temenos

Temenos AG (SIX: TEMN) is the world leader in banking software. More than 3,000 banks worldwide, including 41 of the top 50 banks, trust Temenos to handle both day-to-day transactions and customer interactions for more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-independent and AI-powered front office, core banking, payment and fund administration software, enabling banks to deliver seamless omnichannel customer experiences and reach operational excellence.

Temenos software has been proven to enable its top performing customers to achieve cost-to-income ratios of 26.8%, half the industry average, and returns on equity of 29%, three times the industry average. These customers also invest 51% of their IT budget in growth and innovation versus maintenance, twice the industry average, proving that banks’ IT investment adds tangible value to their business.

For more information, please visit www.temenos.com


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