Temenos (SIX: TEMN), a banking software firm, unveiled Composable Banking Services as well as Capabilities on the Temenos Banking Cloud that are compatible with the BIAN (Banking Industry Architecture Network) service landscape. Temenos also provides innovative financial products and technological breakthroughs, resulting in the industry’s most complete, cloud-native platform for composable banking. These innovative financial products would be introduced during the Temenos Sales Kick-Off on January 18-21, 2022, and would be introduced at the Temenos Community Forum on May 17-19, 2022.
Temenos has expanded its technological infrastructure as well as banking features to provide the most accessible and safe cloud-native platform for building, expanding, and implementing banking services at scale. Novel pre-composed financial products on the Temenos Banking Cloud may be accessed quickly through a self-service interface, simply modified, expanded, or deployed anywhere. Temenos Banking Services are made up of pre-configured as well as pre-assembled Temenos Banking Capacities, as well as possible integrated third-party products from the Temenos Exchange. This enables banks and non-banks to deliver creative products to market quicker in order to satisfy rising client demands whilst lowering development costs.
Temenos’ novel extension architecture allows banks or BaaS providers to securely investigate extra financial services as well as features, adjust or even enhance their functionality, and utilise the existing enlarged catalogue of nation model banks to expedite time to value and assure local compliance. Temenos’ partners may also utilise this capability to create country-specific expansions to Temenos Banking Services that do not interfere with their fundamental operation.
Temenos’ Explainable AI (XAI) and Data service domains are likewise included in the platform. Banks may simply implement novel features to improve product testing, reporting, and measurement, as well as obtain insights to enable smarter business choices and hyper-personalized banking.
Buy Now, Pay Later, Challenger Bank, Retail Lending, Payment Fraud Mitigation, KYC Customer Risk Assessment, and, in the coming years, Digital Mortgages and Demand Deposit Accounts are among the latest Temenos Banking Services. These solutions may be quickly installed on the Temenos Banking Cloud, any public cloud, or on-premise, using a single code base, regardless of the bank’s size, activity, or position.
Bigger banks can even select certain Temenos Banking Capacities like Lending, Deposits, Accounts, or Virtual Accounts as well as swiftly incorporate them into their system landscape.
Composable Banking Services, depending upon DevOps, enable constant development as well as delivery, rapid assessment, eliminating the need for large updates, and exploiting constantly the most up-to-date service capabilities. Banks can use the Temenos Banking Cloud to acquire pre-composed banking services, the underpinning bundled Temenos Banking Capabilities, or a full out-of-the-box nation model bank without the need for time-consuming integration.
Temenos’ novel composable banking services are garnering popularity among Banking-as-a-Service providers including Green Dot, Mbanq, and Vodeno. These BaaS providers are trying to expand their banking services to banks and companies moving forward into integrated finance in order to offer banking products to clients beyond their own environment – for example, allowing individuals to pay for items on Amazon utilizing the bank’s rewards points.
Flowe’s Chief Executive Officer, Ivan Mazzoleni, says that the company went operational in a record-breaking 5 months, onboarding 15,000 consumers in its first week. Flowe gained almost 600,000 customers in the first six months. Flowe can expand sustainably with the help of Temenos Banking Cloud, passing on advantages to consumers for a cleaner, greener earth and a better society.
According to Max Chuard, Chief Executive Officer of Temenos, their analysis reveals that 76% of banks merely cannot meet their cost of capital. Banks are still plagued by antiquated systems, which make providing a distinctive and personalised multi channel client experience dangerous, expensive, and sluggish. In this cutthroat world, doing nothing is no more an option. Banks require a fresh method to conduct business.