Temenos helps challenger banks go live in weeks with new banking services
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 rapidly on the Temenos Banking Cloud, accelerating challengers’ time-to-market with innovative products and services and helping them scale fast and at a fraction of traditional implementation costs.
With challenger banks such as Alex Bank, Flowe, FlowBank, Green Dot, Varo Bank, Virgin Money Australia and WeLab Bank having selected Temenos open platform for composable banking, Temenos has exceeded the 70-neobank customer milestone and is now launching a range of new, functionality-rich banking services to cater for this fast-growing segment.
As an example Varo Bank, the first all-digital, nationally chartered bank in the U.S., operates at 75% lower cost than incumbent banks powered by the Temenos core banking platform. Temenos cloud-native platform for composable banking has helped Varo to scale its business. Temenos core banking platform allows the bank to offer digital services at scale and bring financial inclusion to millions of Americans.
Colin Walsh, chief executive officer, Varo Bank, said: “The Temenos Banking Cloud enables Varo to scale based on customer demands, deploy the new product, and substantially drive down operational costs. The functionality of the Temenos banking platform allows Varo to circumvent the use of multiple third-party providers for payments and processing, and accelerates time to market.”
Max Chuard, chief executive officer, Temenos, said: “We see 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 USD 1bn in R&D in just the next few years. With Temenos open platform and the out-of-the-box functionality that we offer with the Model Bank we are helping challengers launch 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 offer outstanding banking experiences.”