Temenos Hits Milestone of 60 Challenger Bank Clients, Confirming Status as Technology Provider of Choice
Temenos (SIX: TEMN), the banking software company, announced that it has exceeded 60 challenger bank clients confirming its status as the technology provider of choice for this growing segment. With the rich functionality of Temenos’ integrated front-to-back SaaS offering, challenger banks can launch rapidly, scale fast, provide differentiated services to customers and grow profitably.
A raft of digital banks – such as Alba, Alpian, Banco del Sol, Flowe, FlowBank,Lunar, Next Commercial Bank, Pepper, Varo Bank and WeLab Bank – have selected Temenos’ cloud-native, cloud-agnostic technology, joining the 3000+ Temenos customers around the globe including 41 out of the top 50 banks that run Temenos. News of Temenos exceeding the 60-bank milestone comes as the company launches new functionality designed specifically to cater to this fast-growing segment.
Temenos Infinity helps challengers deliver frictionless onboarding experiences for SMEs, while offering robust protection from fraud with financial crime mitigation, risk and compliance software. These enhancements directly address the need – which increased during the pandemic – for banks to offer more products and services to SMEs digitally through multiple channels. Risk and compliance is a significant area of focus for banks because the vetting process and credit decision-making takes place digitally. Temenos also offers Explainable AI models to allow banks to accelerate digital onboarding, conduct eligibility checks and process loans for SMEs to help them access funding faster. Temenos Infinity cuts the time to onboard SMEs by up to 75%, strengthening their relationship with the bank.
The multi-currency account is a new feature within Temenos Transact, the market-leading core banking product. Temenos multi-currency account is designed to be used like a current account allowing day-to-day transactions in many foreign currencies. This highly competitive product is aimed at customers who want to save in a foreign currency, receive money in multiple currencies, use their card in different countries and manage properties abroad. This functionality enables challengers to offer differentiated services and has already been adopted by digital banks such as Alpian and Flowbank.
Temenos’ Sandbox gives banks self-service access to experience the modern technology and functionality. Sandbox empowers challenger banks to adopt a growth-oriented, early-stage strategy to launch products incrementally and validate new propositions with their customers. With Sandbox, challengers can innovate using Temenos’ SaaS-first, cloud-agnostic technology.
Challenger banks benefit from Temenos’ pre-configured platform with pre-packaged products and services. Temenos Country Model Banks provides localized banking functionality from account opening to lending and mortgages, including local and regulatory compliance requirements, allowing challengers to deploy the technology faster without customization. This reduces development time and accelerates time to market. Temenos also enables banks to deploy an elastically scalable full stack solution across multiple cloud providers.
Temenos SaaS technology enables challengers to elastically scale based on business demand and service new customers at any growth rate. Challenger banks can create hyper-efficient cost models and in turn pass on the benefits to their customers. Varo Bank, for example, estimates that it services customers at 25% of the total costs incurred by a traditional bank.
Max Chuard, Chief Executive Officer, Temenos, said: “We see great traction globally where challenger banks – free from the constraints of legacy technology – recognize the potential for Temenos’ advanced technology. I am proud that with our modern technology we have been helping challengers especially ruing the pandemic to bring new products to market faster, be more agile and grow profitably. Temenos has a relentless focus on innovation and is investing over USD 1bn in R&D in the next few years. With Temenos’ cloud-native technology, challengers benefit from lower total cost of ownership and agility, rapid innovation and can offer outstanding banking experiences.”
– Ends –
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.
Jessica Wolfe & Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
Email : email@example.com
Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
About 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
Colicity Inc. Announces Closing of $345 Million Initial Public Offering26.2.2021 23:00:00 CET | Press release
Colicity Inc. (the “Company”) announced the closing today of its initial public offering of 34,500,000 units, including the underwriters’ exercise of their full over-allotment option for 4,500,000 units, at a price of $10.00 per unit. The units are listed on the NASDAQ Stock Market (NASDAQ) and began trading under the ticker symbol “COLIU” on February 24, 2021. Each unit consists of one Class A share and one-fifth of one redeemable warrant, with each whole warrant exercisable to purchase one Class A share at a price of $11.50 per share. Only whole warrants will be exercisable. Once the securities comprising the units begin separate trading, the Class A shares and warrants are expected to be listed on the NASDAQ under the symbols “COLI” and “COLIW,” respectively. Colicity Inc. is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company int
C3 AI and Baker Hughes to Provide Enterprise AI Solutions to Accelerate PETRONAS Digital Transformation Program26.2.2021 15:00:00 CET | Press release
C3 AI (NYSE: AI) and Baker Hughes today announced an artificial intelligence (AI) collaboration with PETRONAS, a global energy and solutions company from Malaysia, to apply BakerHughesC3.ai (BHC3) technology across PETRONAS’s strategic digital transformation programs. As the custodian of Malaysia's national oil and gas resources, PETRONAS runs an extensive digital transformation program across energy operations to extract value from data. The adoption of AI as part of its overall program for improved oil and gas productivity, asset integrity, and safety supports PETRONAS’s commitment to provide clean, efficient energy solutions by harnessing the power of technology. PETRONAS will work with energy technology, data science, and AI experts at Baker Hughes and C3 AI to collaborate on projects focused on improved reliability of energy assets in critical operations. Utilizing Microsoft Azure, PETRONAS will deploy the BHC3™ Reliability application to further improve maintenance programs for g
Avania in Position for Next Stage of Growth26.2.2021 14:00:00 CET | Press release
Avania, a leading global full-service contract research organization (CRO) focused on medical technology (MedTech) development, today announced that it has successfully refinanced its existing banking facilities with Crescent Capital Group. “This new banking facility allows us to accelerate our next phase of organic and acquisitive growth over the next few years,” said Edo van Houten, CFO of Avania. “This transaction is also a reflection of the progress we have made in our brand strategy and position in the market, and it demonstrates the confidence of the financial community in our operational and strategic plan.” Avania has navigated confidently through the COVID-19 pandemic, posting a strong year of growth in 2020 despite the pandemic. The company will continue its growth trajectory as a global MedTech-focused CRO, supporting products from concept through post-market support. MedTech is all Avania does, navigating innovative medical technologies to market effectively and efficiently
Ipsen Receives Positive CHMP Opinion Recommending Cabometyx ® in Combination With Opdivo ® as First-line Treatment for Patients Living With Advanced Renal Cell Carcinoma26.2.2021 12:37:00 CET | Press release
Regulatory News: Ipsen (Euronext: IPN; ADR: IPSEY) today announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) has recommended approval for Cabometyx® (cabozantinib) in combination with Bristol Myers Squibb’s Opdivo® (nivolumab) for the first-line treatment of advanced renal cell carcinoma (aRCC). The European Commission, which has the authority to approve medicines for the European Union (E.U.), will now review the CHMP recommendation and a final decision on the application in the E.U. is expected in the coming months. “Advanced renal cell carcinoma is a disease that significantly impacts the lives of people around the world. We’re proud to be able to share that the CHMP has confirmed a positive recommendation for Cabometyx® in combination with Opdivo®, bringing this impactful new treatment option one step closer for patients,” said Howard Mayer, Executive Vice President and Head of Research and Development, Ipsen. “At Ipsen, w
Hiro Capital Leads $15 Million of Games VC Investment Into Snowprint Studios, Double Loop Games and Happy Volcano Games26.2.2021 09:55:00 CET | Press release
Three international video game studios are the latest investments for Hiro Capital, the entrepreneur-led Venture Capital fund focused on backing innovators in Video Games, the Metaverse, Esports and Digital Fitness. The three mobile and cross-platform studios – Snowprint in Stockholm/Berlin, Double Loop Games in San Francisco and Happy Volcano in Belgium – will use Hiro’s investment to expand their development pipelines and accelerate global growth. They join UK and US Games studios Flavourworks, Polyarc and Lightfox in the Hiro Capital portfolio, alongside pioneers in the gamification of Games Streaming and Digital Fitness LIV.tv, Edgegap,FitXR and Nurvv. Ian Livingstone, co-founding partner at Hiro Capital, said, "We are excited to begin 2021 by announcing Hiro's investment in three amazing games studios, Snowprint, Double Loop and Happy Volcano. Each studio has demonstrated innovation and expertise in developing fun to play games which resonate with today’s audiences. I’m especially
Inspur Information Releases 2020 Global Computing Index Report26.2.2021 09:07:00 CET | Press release
Inspur Information, a leading IT infrastructure solutions provider, has sponsored an International Data Corporation (IDC) white paper on the 2020 Global Computing Index (henceforth referred to as The Report). As the world’s first index report on computing, The Report unveils the relationship between computing power and economic development and serves as a reference for the outlook of the global digital economy. Global digital transformation has entered a phase marked by exponential growth in innovation, with the size of the digital economy projected to continue on an upward trend. As a key factor that underlies digital technology development, computing is now defining the productivity of the digital economy era. According to The Report, economic growth directly correlates with the development of computing—one point of growth in the computing index translates to a 3.3‰ rise in the size of the digital economy and a 1.8‰ growth in GDP. Specifically, AI computing market share is projected
Incyte Announces the Validation by the European Medicines Agency of its Marketing Authorization Application for Retifanlimab as a Treatment for Patients with Squamous Cell Anal Carcinoma (SCAC)26.2.2021 09:00:00 CET | Press release
Incyte (Nasdaq:INCY) today announced the validation of the Company’s Marketing Authorization Application (MAA) for retifanlimab, an intravenous PD-1 inhibitor, as a potential treatment for adult patients with locally advanced or metastatic squamous cell anal carcinoma (SCAC) who have progressed on, or who are intolerant of, platinum-based chemotherapy. The European Medicines Agency’s (EMA) validation of the MAA confirms that the submission is sufficiently complete to begin the formal review process. “While the incidence of SCAC is increasing in Europe, treatment options for advanced disease are limited in their effectiveness, and there are no approved options once patients have progressed on standard therapy,” said Lance Leopold, M.D., Group Vice President, Immuno-Oncology Clinical Development, Incyte. “The EMA validation of the MAA for retifanlimab – which follows the recent U.S. Food & Drug Administration acceptance of our Biologics License Application for Priority Review – brings us
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