Business Wire

Italian Digital Bank Achieves Record Growth with Temenos Banking Cloud

Share

Temenos (SIX: TEMN), the cloud banking platform, announced that Flowe, the digital bank of Banco Mediolanum, has reached a major milestone with 700,000 accounts in its first 18 months since its launch. With Temenos open platform for composable banking, Flowe is growing twice as fast as its nearest competitor. It received 150,000 new sign-ups in one week with peaks of 30,000 new customers per day.

Flowe offers digital services at scale, paving the way for future profitability and bringing sustainable banking to over 60 million Italians. Supported by Temenos cloud technology, Flowe is the first bank in Italy to be certified as a B-Corp and become carbon neutral. Flowe’s CEO will be speaking on the topic of ESG at Temenos Community Forum, 17-19 May in London.

Flowe’s mobile banking app combines fully-automated onboarding, a first-class user experience and eco-friendly banking services. Its target market consists of young people who need to manage their money effectively to pay rent and other bills and prefer to use innovative, ethical service providers.

Through a fully remote implementation with Temenos, Flowe went live in a record time of just five months, in June 2020. Temenos pre-composed banking services and simple customization through open APIs significantly accelerated the process. The bank’s highly differentiated value proposition has paid off – in 2021, Flowe won the prestigious Prodotto Dell’Anno (Product of the Year), an Italian product innovation award based exclusively on consumers’ votes.

Ivan Mazzoleni, Chief Executive Officer, Flowe: “We chose Temenos Banking Cloud because it enabled us to go live fast, scale massively, and provide a seamless onboarding experience to our customers. Flowe went live in a record time of just five months, and we onboarded 15,000 customers in our first week alone. With Temenos, we’ve been able to bring new products to market quickly and offer truly personalized experiences in line with our sustainable mission. Supported by Temenos Banking Cloud, we can grow sustainably, passing on benefits to customers for a cleaner, greener planet and a better society.”

Max Chuard, Chief Executive Officer, Temenos, said: “Digital innovation in banking is thriving in Italy. And it’s an important market for Temenos, where we have a strong and growing presence. Banks are ready to break free from the legacy core banking systems that have inhibited innovation, whereas new digital entrants are coming to the market. Flowe’s success shows that Temenos open platform for composable banking can help Italian banks provide highly-differentiated, sustainable banking experiences at scale. Congratulations to the team for demonstrating that a powerful mission combined with leading technology can change the face of banking.”

Cloud adoption has accelerated since the pandemic. A recent Economist Intelligence Unit report supported by Temenos finds that more than seven in ten banking respondents state that incorporating the cloud into their organization’s products and services will help them achieve their business priorities. Challenger banks specifically look for agility, scale, and easily composable banking services that allow them to assemble best-of-breed providers into an open ecosystem. On Temenos Banking Cloud, pre-composed banking services can be consumed from a self-service portal, easily configured, extended, or deployed anywhere. Composed Temenos Banking Services consist of pre-configured and pre-assembled Temenos Banking Capabilities plus optional integrated third-party solutions from the Temenos Exchange.

About Temenos

Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.

Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.

For more information, please visit www.temenos.com.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Jessica Wolfe & Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
Email : press@temenos.com

Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
Email: allnewgatetemenos@newgatecomms.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

SimCorp Unites with FlexTrade to Add New EMS Ecosystem Partner28.3.2023 09:02:00 CEST | Press release

SimCorp, an independent provider of investment management solutions, has partnered with FlexTrade Systems, a global leader in high-performance multi-asset trade execution management systems (EMS), to extend SimCorp's Order Management System (OMS) capabilities by incorporating the cross-asset EMS functionality of FlexTrade's FlexTRADER EMS. This partnership addresses the increasing demand from trading teams for seamless integration and collaborative workflows between their OMS and EMS solutions. The integration will help optimize trading activities and assist in meeting best execution obligations. As part of the partnership, FlexTrade will join SimCorp's Open Platform program. The Open Platform program is designed to offer its client base frictionless access to innovative fintech solutions across the investment value chain. A key component of the new agreement will see the two firms work together to deliver enhanced, seamless connectivity between SimCorp's OMS, Order Manager, and FlexTr

euNetworks Forms Exclusive Partnership on CrossChannel Fibre System to Deliver Ultra-Low Latency Services Between London and Madrid28.3.2023 09:00:00 CEST | Press release

euNetworks Group Limited (“euNetworks”), a Western European bandwidth infrastructure company, today announced that it has entered into an exclusive partnership agreement with Crosslake Fibre UK Limited (“Crosslake”), an international network provider and developer of unique subsea and terrestrial fibre networks. This partnership relates to Crosslake’s new CrossChannel Fibre system and gives euNetworks exclusivity to deliver ultra-low latency services between the United Kingdom and Madrid on this system to the financial services community. euNetworks has also agreed to a strategic relationship, enabling the sale of dark fibre services by euNetworks using the system. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230328005180/en/ Paula Cogan, CEO of euNetworks (Photo: Business Wire) CrossChannel Fibre is a 550km cable system with end-to-end fibre running between Slough, United Kingdom and Paris, France and is the first subsea

Adva Network Security protects TransnetBW’s communication network28.3.2023 09:00:00 CEST | Press release

Adva Network Security today announced that TransnetBW has deployed its ConnectGuard™ encryption technology with the Adtran FSP 3000 optical transport solution to establish a highly secure communication network in its service area. As the operator of an electricity transmission grid in southwestern Germany and a European interconnection partner, TransnetBW depends on the security and reliability of its communication network to ensure trouble-free operations. That’s why the company chose the FSP 3000 optical platform with Adva Network Security encryption technology, which has been approved by the German Federal Office for Information Security (BSI). This solution enables high-speed connections to be reliably and robustly protected, even against sophisticated cyberattacks. Planning and implementation of the highly secure infrastructure were carried out by Adva Network Security’s long-standing partner Syserso Networks, who will also provide ongoing support. This press release features mult

Fujirebio expands its assay menu in the field of neurodegenerative diseases with the launch of the fully automated Lumipulse ® G NfL CSF and Lumipulse ® G NfL Blood tests28.3.2023 07:00:00 CEST | Press release

H.U. Group Holdings Inc. and its wholly-owned subsidiary Fujirebio today announced the availability of the Lumipulse G NfL CSF and Lumipulse G NfL Blood assays for the fully automated random-access LUMIPULSE® G immunoassay systems. These CLEIA (chemiluminescent enzyme immunoassay) assays allow for the quantitative measurement of Neurofilament light (NfL) in human Cerebrospinal fluid (CSF) and plasma/serum, respectively, within just 35 minutes. The two assays are available for Research Use Only. “In 2022, we introduced three fully automated blood-based assays for the detection of pTau181, β-Amyloid1-42 and β-Amyloid1-40, and we are now proud to once again expand our neurodegenerative disease portfolio with the highly anticipated NfL biomarker,” Christiaan De Wilde, CEO of Fujirebio Europe and Global Head Neuro Business. “The assay menu offered by other industry leaders today is still limited and we are working diligently to create a solid lineup of tests for the entire neurodegenerative

Sofinnova Partners Launches Digital Medicine Strategy28.3.2023 06:00:00 CEST | Press release

Sofinnova Partners (“Sofinnova"), a leading European life sciences venture capital firm based in Paris, London, and Milan, announced today that it has launched a new investment strategy focused on digital medicine. The strategy will be headed by Partners Edward Kliphuis and Simon Turner, who bring over a decade of experience investing in startups at the intersection of biology, data, and computation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230327005697/en/ Edward Kliphuis (left) and Simon Turner (right) (Photo: Business Wire) Sofinnova Digital Medicine will back entrepreneurs innovating at the cutting edge of technology and biology and help them scale to become global leaders. Like all the funds on Sofinnova’s platform, Sofinnova Digital Medicine will focus on developing the most promising innovations that address systemic challenges in healthcare and can profoundly improve the lives of patients worldwide. Antoine Pap

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom