Banking software provider Temenos has announced the launch of new services specifically aimed to meet the requirements of challenger banks.

These new services can be deployed on the Temenos Banking Cloud and are aimed at reducing challengers’ time to market and cost.

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Currently, 70-neobanks such as Alex Bank, Flowe, FlowBank, Green Dot, Varo Bank, Virgin Money Australia, and WeLab Bank use Temenos’ open platform for composable banking.

The new Composable Temenos Banking Services comprise Retail Banking, Financial Crime Mitigation, Payments, and Explainable AI (XAI) for Retail Lending.

Temenos CEO Max Chuard said: “We see great traction globally where challenger banks – free from the constraints of legacy technology – recognise the power of the Temenos Banking Cloud.

“We will be investing over $1bn in R&D in just the next few years. With Temenos open platform and the out-of-the-box functionality that we offer with the Model Bank we are helping challengers launch faster, bring new products to market, be more agile and grow profitably.”

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Temenos claimed that Varo Bank, which is a nationally chartered bank in the US, operates at 75% lower cost than incumbent banks.

Varo Bank CEO Colin Walsh said: “The Temenos Banking Cloud enables Varo to scale based on customer demands, deploy the new product, and substantially drive down operational costs. The functionality of the Temenos banking platform allows Varo to circumvent the use of multiple third-party providers for payments and processing, and accelerates time to market.”

Last month, Temenos launched an AI-powered buy-now-pay-later offering to allow banks and fintechs to offer alternative credit products and reach new markets.