Temenos, a Switzerland-based banking software company, has recently introduced a wide range of new banking services to meet the growing unique requirements of challenger banks. The new banking services can be deployed on the company’s banking cloud.
Temenos mentioned that some of the leading challenger banks, including FlowBank, Varo Bank, Virgin Money Australia and Alex Bank have selected its platform for composable banking. Moreover, the Swiss-based firm now has more than 70 neo banks as customers.
The newly introduced banking services from Temenos include retail banking. According to the company, the services will make the operations of challenger banks secure and efficient.
“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,” Colin Walsh, the Chief Executive Officer at Varo Bank, said.
Challenger Banks
In the global financial services industry, challenger banks have gained significant traction during the last few years. With innovative technologies and the elimination of time-consuming processes of traditional banking, challenger banks have captured a large share in today’s mobile banking ecosystem. According to Max Chuard, the Chief Executive Officer of Temenos, the company’s solutions are facilitating challenger banks through innovative and cost-effective solutions.
“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's 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,” Chuard added.
