New Composable Banking Services accelerate product time-to-market for banks and non-banks by easily combining Temenos Banking Capabilities and third-party solutions from the Temenos Exchange
Temenos, the banking software company, announced Composable Banking Services and Capabilities aligned to the BIAN (Banking Industry Architecture Network) service landscape on the Temenos Banking Cloud. In addition, Temenos delivers new banking services and technology advancements that create the market’s most comprehensive, cloud-native platform for composable banking. These new banking services are showcased at Temenos Sales Kick-Off, 18-21 January and will be presented at Temenos Community Forum, 17-19 May 2022.
“Even sophisticated tier 1 and 2 banks are incorporating pre-integrated banking services to modernize their legacy banking systems, component by component. Temenos offers such a composable banking services architecture aligned to a common standard, providing functionally rich banking capabilities.”
Temenos has advanced its technology architecture and banking capabilities to deliver the most open and secure cloud-native platform for composing, extending or deploying banking capabilities at scale. New pre-composed banking services on the Temenos Banking Cloud can be rapidly 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. This helps banks and non-banks to bring innovative products to market faster to meet growing customer expectations while reducing the cost of development.
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Temenos’ new extensibility framework enables banks or BaaS providers to safely explore additional banking services and capabilities, configure or even extend their functionality, and use the extended catalog of country model banks currently available to accelerate time to value and ensure local compliance. Temenos’ partners can also make use of this feature to write country-specific extensions to Temenos Banking Services without touching their core functionality.
The platform also uniquely includes Temenos’ Explainable AI (XAI) and Data service domains. Banks can easily deploy new capabilities to better test, report and measure product performance, and gain insights to support smarter business decisions and hyper-personalized banking.
New Temenos Banking Services include Buy Now, Pay Later, Challenger Bank, Retail Lending, Payment Fraud Mitigation, KYC Customer Risk Assessment and in the near future Digital Mortgages and Demand Deposits Accounts. These services can be rapidly deployed on the Temenos Banking Cloud, on any public cloud, or on premise, with a single code base, no matter the size, activity, or location of the bank.
Larger banks can also choose individual Temenos Banking Capabilities such as Lending, Deposits, Accounts or Virtual Accounts and quickly integrate them independently in their systems landscape.
Based on DevOps, the Composable Banking Services allow for continuous integration and delivery, fast testing, removing the need for major upgrades and leveraging always the latest services features. With the Temenos Banking Cloud, banks can access the pre-composed banking services, the underlying packaged Temenos Banking Capabilities, or a full out-of-the box country model bank, without painful integration efforts.
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Ivan Mazzoleni, Chief Executive Officer, Flowe: “Flowe went live in a record time of just 5 months, onboarding 15,000 customers in its first week. In the first six months, Flowe attracted more than 600,000 customers. Supported by Temenos Banking Cloud, Flowe can grow sustainably, passing on benefits to customers for a cleaner, greener planet and a better society.”
Max Chuard, Chief Executive Officer, Temenos, said: “Our research shows that 76% of banks simply cannot cover their cost of capital. Banks are still burdened by legacy systems, which make it very risky, costly and slow to provide a differentiating and personalized, omnichannel customer experience. Doing nothing is no longer an option in this competitive environment. Banks need a new approach to run their business.
Our industry-leading platform enables banks to open up to fintechs and partners, rapidly digitalize their processes, and deliver hyper-personalized experiences. We are giving banks the business agility and speed to improve their operations, lower their costs up to 75% and build sustainable businesses.”
Temenos’ new composable banking services are gaining traction with Banking-as-a-Service providers, such as Green Dot, Mbanq and Vodeno. These BaaS players are looking to extend their banking services to banks and businesses moving towards embedded finance to offer banking products to customers outside their own ecosystem – such as letting people pay for goods on Amazon using the bank’s rewards points.
“Organizational size, location, and lack of technical skills are no longer significant challenges to transformation in banking, all banks have a choice on how to consume and deliver banking services and capabilities,” said Jerry Silva, Vice President, IDC Financial Insights. “Even sophisticated tier 1 and 2 banks are incorporating pre-integrated banking services to modernize their legacy banking systems, component by component. Temenos offers such a composable banking services architecture aligned to a common standard, providing functionally rich banking capabilities.”
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