Temenos unveil Composable Banking Services on its Banking Cloud Platform

Temenos, the banking software firm, recently announced a Composable Banking Services and prospects aligned into the BIAN (Banking Industry Architecture Network) services landscape on the Temenos Banking Cloud. 

Additionally, Temenos offers the latest banking services and technology advancements building and paving way for the market’s most comprehensive, cloud-native platform for composable banking. These latest banking services are showcased at Temenos Sales Kick-Off, 18-21 January, and will be presented at Temenos Community Forum, 17-19 May 2022.

Temenos’ latest extensibility framework enables banks or BaaS providers to safely explore additional banking services and capabilities, configure or even extend their functionality, and utilize the extended catalog of country model banks currently available to accelerate time to value and ensure local compliance. 

Temenos’ partners can also make utilization of this feature to write nation-specific extensions to Temenos Banking Services without touching their core functionality. Additionally, according to Temenos, the platform also uniquely comprises of the Temenos Explainable AI (XAI) and Data service domains.

According to the Temenos announcement, the banks can easily deploy the latest capabilities to better test, report, and measure product performance, and gain insights to support smarter business decisions and hyper-personalized banking.

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.

According to Temenos sources, the 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 aids the banks and non-banks to bring innovative products to market faster to meet progressing client expectations while reducing the budget of development. 

The latest salient features included in Temenos latest Banking services are: – Buy Now, Pay Later, Challenger Bank, Retail Lending, Payment Fraud Mitigation, KYC Customer Risk Assessment, and in near future, Digital Mortgages and Demand Deposits Accounts. 

As per Temenos, 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 like the  Lending, Deposits, Accounts, or Virtual Accounts and quickly integrate them independently in their systems landscape.

Ivan Mazzoleni, Chief Executive Officer, Flowe stated: “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, stated: “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.

Mr. Chuard also added: “Our industry-leading platform enables banks to open up to Fintech 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.”

Jerry Silva, Vice President, IDC Financial Insights stated: “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. 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.”

According to Temenos, based on DevOps, the Composable Banking Services empowers for continuous integration, and delivery, swifter testing, removing the requirement 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 national model bank, without painful integration efforts.

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.



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