Banking software provider Temenos has announced that FlowBank has selected Temenos Transact delivered as SaaS to power its new digital bank in Switzerland.
Temenos Transact core banking technology will enable FlowBank to rapidly launch and offer a new investing experience to private and institutional investors in Switzerland and internationally.
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FlowBank has recently secured its banking license in July 2020 and is planning to launch the operations by the end of 2020.
Keeping knowledgeable customers in sight
The bank aims to meet the needs of both sophisticated and new investors, who wish to manage their banking and investments on their own.
FlowBank addresses this growing market segment by offering a simple, reliable investment experience open to all, using an optimised trading platform underpinned by Temenos Transact.
The bank is FINMA-regulated, and deposits are guaranteed up to CHF 100,000.
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By GlobalDataWith Temenos SaaS, FlowBank will create a hyper-efficient cost model and reduce IT costs, which will enable it to go up against established players by offering online trading and banking services at competitive rates.
Using cutting-edge technology, Temenos top-performing banks achieve cost-income ratios of 26.8% twice better than the industry average.
Accessing the solution through a subscription model, FlowBank will be able to scale usage based on business demand. Temenos SaaS offers elastic scalability to support FlowBank’s client growth plan and its international expansion.
Customers can trade from a multi-currency account in multiple markets
A key new product feature within Temenos Transact will allow Flowbank’s customers to trade from a single multi-currency bank account and access more than 50 financial markets.
The bank will be able to launch personalized products at a fraction of the time and differentiate the customer experience.
Temenos’ Transact pre-configured banking functionality will enable FlowBank to deploy the technology without customization. FlowBank will offer online banking, trading services and credit cards, an investment experience open to everyone, thanks to a mobile app and an optimized trading platform to deal with all asset classes.
