Banking technology provider Temenos has unveiled an artificial intelligence (AI) powered buy-now-pay-later banking service on the Temenos Banking Cloud.

The new BNPL offering is aimed at allowing banks and fintechs to offer AI-driven alternative credit products and reach new markets.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Temenos BNPL, which uses patented explainable AI (XAI), can help lenders provide transparency into automated decisions and offer customers credit based on their history, Temenos noted.

It added that XAI allows clients to pre-approve loan applications and offer variable instalments based on pre-determined criteria.

Temenos said its solution helps banks offer BNPL at scale without having to provision new IT infrastructure.

It can be deployed via the Temenos Banking Cloud irrespective of the core banking solution.

Temenos CEO Max Chuard said: “In an extremely competitive market, financial services providers need to evaluate new business models to drive revenue. As the strategic technology provider for over 3,000 banks worldwide, we are committed to empowering our clients to pioneer and adopt those new, profitable business models.

“We are very excited to launch this new solution to enable our clients to offer alternative financing that is fast, seamless, and scalable.”

Aite-Novarica Group strategic adviser of retail banking and payments Ginger Schmeltzer said: “The Temenos SaaS solution for BNPL, combined with embedded AI, brings together proven technology with increased speed, efficiency, scalability and decision-making transparency.

“Temenos’ robust and flexible BNPL as a Service will make this new business model available to companies of any size from the credit unions and the challengers to global payments providers and Tier 1 banks.”