Temenos Announces Composable Banking Services on the Temenos Banking Cloud Platform

GENEVA, Switzerland – JANUARY 18, 2022 – Temenos (SIX: TEMN), the banking software company, today announced composable banking services and capabilities aligned with the Banking Industry Architecture Network (BIAN) service landscape on the Temenos Banking Cloud. Additionally, Temenos offers new banking services and technology advancements that create the market’s most comprehensive cloud-native platform for composable banking. These new banking services are being showcased at the Temenos Sales Kick-Off, January 18-21, and will be showcased at the Temenos Community Forum, May 17-19, 2022.

Temenos has advanced its technology architecture and banking capabilities to provide the most open and secure cloud-native platform to compose, extend, or deploy banking capabilities at scale. New pre-composed banking services on Temenos Banking Cloud can be quickly consumed from a self-service portal, easily configured, extended or deployed anywhere. Compound Temenos banking services consist of pre-configured and pre-assembled Temenos banking capabilities, as well as optional integrated third-party solutions from Temenos Exchange. This helps banks and non-banks bring innovative products to market faster to meet growing customer expectations while reducing development costs.

Temenos’ new extensibility framework allows banks or BaaS providers to securely explore additional banking services and capabilities, configure or even extend their functionality, and utilize the extensive catalog of national model banks currently available to accelerate time to value and ensure local compliance. Temenos partners can also use this feature to write country-specific extensions for Temenos banking services without touching their core functionality.

The platform also uniquely includes Temenos’ Explainable AI (XAI) and data service domains. Banks can easily deploy new features to better test, report and measure product performance, and gain insights to make smarter business decisions and hyper-personalized banking services.

New Temenos banking services include Buy Now, Pay Later, Challenger Bank, Retail Lending, Payment Fraud Mitigation, KYC Customer Risk Assessment and in the near future Digital Mortgages and Demand Deposits Accounts. These services can be quickly deployed on the Temenos Banking Cloud, on any public cloud or on-premises, with a single codebase, regardless of bank size, business or location.

Large banks can also choose individual Temenos banking capabilities such as loans, deposits, accounts or virtual accounts and quickly integrate them independently into their system landscape.

Built on DevOps, composable banking enables continuous integration and delivery, rapid testing, removing the need for major upgrades, and always leveraging the latest service features. With the Temenos Banking Cloud, banks can access pre-composed banking services, underlying Temenos banking capabilities, or an out-of-the-box model country bank, without tedious onboarding efforts.

Ivan Mazzoleni, Chief Executive Officer, Flowe:

“Flowe went live in a record time of just 5 months, onboarding 15,000 customers in its first week. In the first six months, Flowe attracted over 600,000 customers. Backed by Temenos Banking Cloud, Flowe can grow in a sustainable way, passing on the benefits to customers for a cleaner, greener planet and a better society.”

Max Chuard, CEO of Temenos, said:

“Our research shows that 76% of banks simply cannot cover their cost of capital. Banks are still burdened with legacy systems, which make it very risky, costly and slow to deliver a differentiating and personalized omnichannel customer experience. Doing nothing is no longer an option in this competitive environment Banks need a new approach to managing their business.

Our industry-leading platform enables banks to open up to fintechs and their partners, rapidly digitize their processes and deliver hyper-personalized experiences. We give banks the agility and speed to improve operations, reduce costs by up to 75%, and build sustainable businesses.”

Temenos’ new composable banking services are gaining traction with banking-as-a-service providers, such as Green Dot, Mbanq and Vodeno. These BaaS players are looking to extend their banking services to banks and businesses that are turning to integrated finance to offer banking products to customers outside of their own ecosystem – like allowing people to pay for goods on Amazon using points. bank reward.

“Organizational size, location and lack of technical skills are no longer significant challenges for banking sector transformation, all banks have a choice on how to consume and deliver banking services and capabilities “, said Jerry Silva, vice president, IDC Financial Insights. “Even sophisticated Tier 1 and 2 banks integrate pre-integrated banking services to modernize their legacy banking systems, component by component. Temenos offers such a composable banking architecture aligned to a common standard, providing functionally rich banking capabilities. ”