Swiss-based Temenos has launched a front-to-back banking software as a service (SaaS) designed specifically for the US market.
The new service allows new digital banks to launch in the US within 90 days and expand their business quickly.
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Max Chuard, Temenos CEO, said: “With our new U.S. front-to-back SaaS product for digital banks, we will revolutionise the software banking landscape in the U.S., which is a highly strategic market for us.
“We are pioneers in cloud software and have global banking expertise in delivering high-profile and hugely successful SaaS-based retail digital banks and neobanks in regulated environments, from Varo Money and Grasshopper in the U.S., to Volt Bank and Judo Bank in Australia, and Leumi’s Pepper in Israel.
“These are exciting times as we continue to offer banks the most advanced SaaS digital banking product based on modern, cloud-native technology, giving them the freedom to dramatically reduce their time to market, cost, operational complexity and deliver outstanding digital customer experiences.”
Products and services
Temenos’ US SaaS service includes products such as support for conversational interfaces, AI, augmented reality and wearable technologies. The aim is to allow digital banks to open new accounts seamlessly through all digital channels.
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By GlobalDataIn addition, the SaaS product enables new challengers to come to market quickly, acquire customers and reduce onboarding time. Through the tool, banks can also launch innovative products and services.
Jeffery Kendall, Temenos EVP of North America Sales and Distribution, said: “Banks and credit unions in the U.S. have shifted their investment focus to strategies that allow them to quickly grow consumer and small business deposits at a lower cost of acquisition.
“This trend has created the need for a turn-key digital banking service focused on speed to market with scalable cost as launching a digital bank has historically been an expensive and difficult endeavor.
“Temenos is powering the critical growth of our customers by providing a front-to-back, SaaS based, digital banking solution that will allow neobanks to compete in this dynamic market.“
