On Tuesday, Temenos, a SIX-listed cloud banking platform, announced that Battle Financial picked Temenos Banking Cloud to offer deposits, FX and precious metal accounts. According to the press release, In addition to offering FDIC insured foreign currency and market index deposits, Battle Bank will be able to accept, store and borrow against non-FDIC insured precious metals.
The launch of Battle Bank is anticipated to take place in the second half of this year, subject to regulatory approval. Two bank pioneers, Frank Trotter and Vincent Amato, lead the company. They were both founding members of everBank.com.
“We are building Battle Bank to offer exceptional banking values and unique investing offerings. With Temenos, we know that it’s possible to launch fast and scale quickly. The unprecedented breadth, depth and scale of the platform’s modular banking capabilities creates opportunities for our customers to prosper through a diversification of financial holdings with us,” Vincent Amato, the Chief Operations Officer of Battle Financial, Inc, commented.
Battle Bank’s foreign currency, market index and precious metals products will be based on Temenos’ composable banking platform. “We’ve created Battle Bank to fill a widening gap in the traditional banking landscape — to offer high-yield interest accounts coupled with access to the world markets. To make that vision a reality, we need technology that is fast, open and scalable as we continue to grow our offerings. This partnership with Temenos will provide exactly that, making our clients’ experience as seamless and efficient as possible,” Frank Trotter, the President and Board Member of Battle Financial, Inc, pointed out.
Partnership with Mastercard
Temenos recently announced a partnership with Mastercard, one of the world’s leading companies in the payments industry, to accelerate the adoption of Request to Pay in the United Kingdom.
The firm noted that the new initiative would allow the cheaper, faster and easier introduction of Request to Pay services. In addition, leading financial institutions will be able to launch Request to Pay services at scale.
