Banking software provider Temenos has launched a new set of composable banking services and capabilities that will align the Temenos Banking Cloud with Banking Industry Architecture Network’s (BIAN) services.
The new services include: Buy Now, Pay Later; Challenger Bank; Retail Lending; and Payment Fraud Mitigation. The new offerings aim to provide customers with more composable and individual banking experiences on the Temenos Banking Cloud, as they can be easily configured, extended or deployed at scale.
Preconfigured capabilities also enable users to bring quickly bring products to market to “meet growing customer expectations while reducing the cost of development”, says Temenos.
“Our research shows that 76 per cent of banks simply cannot cover their cost of capital,” said Max Chuard, CEO of Temenos. “Banks are still burdened by legacy systems, which make it very risky, costly and slow to provide a differentiating and personalised, omnichannel customer experience. Doing nothing is no longer an option in this competitive environment. Banks need a new approach to run their business.
“Our industry-leading platform enables banks to open up to fintechs and partners, rapidly digitalise their processes, and deliver hyper-personalised experiences. We are giving banks the business agility and speed to improve their operations, lower their costs up to 75 per cent and build sustainable businesses.”
The new solutions also include Temenos’s Explainable AI and data services, which enable banks to better test, report and measure product performance, and gain insights to support better decision-making and personalised experiences.