Geneva, Switzerland–(COMMERCIAL THREAD) – Temenos (SIX: TEMN), the banking software company, Vodeno, a fully cloud-native BaaS provider and Aion Bank, a European licensed digital bank and lending institution, today announced a strategic collaboration to accelerate bank as a service (BaaS) deployment in Europe.
The first banking services to be launched combine the Temenos Banking Cloud with Vodeno’s card management and payment processing services. This will enable banks and businesses in all industries to expand their portfolio of products offered to their customers by automating and seamlessly integrating new payment and card services into their customer journeys. The collaboration between the three parties removes the complexities and regulatory overheads associated with the deployment of integrated financial services in Europe. Customers will benefit from faster time to market and the business agility needed to develop new customer propositions. Temenos and Vodeno are already engaged in several proofs of concept with banks and fintechs across Europe.
The Temenos Banking Cloud combines the Temenos Transact and Temenos Infinity banking services which will connect via REST APIs to the VODENO cloud platform. Through this strategic alliance, customers will be able to instantly issue digital debit and credit cards to retail and corporate banking customers. In addition, existing Temenos customers can benefit from financial services embedded in personalized customer journeys, delivered in real time, to the right point of contact with intelligent and contextual experiences.
More than 3,000 financial services institutions around the world take advantage of Temenos’ modern and open cloud technology. The Temenos Banking Cloud enables banks and businesses to consume, manage and maintain banking services in a secure and evolving self-service platform, while enabling them to develop new business models.
BaaS is emerging as a megatrend within financial services, where licensed banks are integrating their digital banking services directly into the products of other non-financial businesses. Aion Bank and Vodeno – both backed by global growth investor Warburg Pincus LLC – were created with this opportunity in mind. The BaaS market in Europe is currently estimated at over $ 3 billion. BaaS functionality is attractive to banks, fintechs, non-banks and specialist BaaS providers, who can now use the combined power of Temenos Banking Cloud and Vodeno’s technology to build, deploy, consume or monetize new services banking. Temenos, Aion and Vodeno can now offer their customers digital banking services of any brand, such as mobile bank accounts, debit or credit cards and payment services, without the need to have their own banking license.
Max Chuard, CEO of Temenos, said: âBy working with Vodeno and Aion Bank, we are delivering an open cloud banking platform designed for business and large-scale agility to banks, fintechs and established brands that want to offer integrated financial services and drive customer experiences. ultimate. We have chosen Vodeno and Aion Bank to establish this new marketing channel for Temenos, which will help us seize the BaaS market opportunity in Europe. The Temenos Banking Cloud, combined with Vodeno’s technology and the Aion Bank proposal, will help banks and non-banks create, deploy, consume and monetize new banking services. ”
Wojciech Sobieraj, CEO of Vodeno, said: âWhen we created Vodeno, our vision was to enable ‘Banking as a Service’ to any regulated and unregulated institution. Through this strategic collaboration with Temenos and Aion Bank, we will offer banks, fintechs and brands the richest BaaS proposition on the market. Simply put, the ease with which we can integrate domestic cards and payments, as well as other banking services, will propel digital transformation to the next level in Europe. ”
Peter Deming, Managing Director and Head of Financial Services Europe, Warburg Pincus, said: âOur enthusiasm for the ‘Banking as a Service’ opportunity in Europe continues to grow as more companies, banks and brands seek to enhance their customer experience through integrated finance. Temenos’ collaboration with Vodeno and Aion Bank to jointly address this market underlines the ambition of companies to be de facto partners of any regulated or unregulated institution seeking these integrated financial services.
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Temenos AG (SIX: TEMN) is the world leader in banking software. More than 3,000 banks around the world, including 41 of the top 50 banks, trust Temenos to handle both the daily transactions and customer interactions of more than 1.2 billion bank customers. Temenos offers cloud-native, AI-agnostic and AI-driven front office, core banking, payment and fund administration software, enabling banks to deliver frictionless omnichannel customer experiences and achieve l ‘operational effectiveness.
Temenos software is proven to enable its top performing clients to achieve cost-revenue ratios of 26.8%, half of the industry average, and return on equity of 29%, or three times the average of the sector. These customers also invest 51% of their IT budget in growth and innovation versus maintenance, which is double the industry average, proving that banks’ IT investment adds tangible value to their business. business.
For more information, please visit www.temenos.com
Vodeno’s mission is to revolutionize the financial services industry. Combining a modern cloud native ‘360’ platform ecosystem with deep banking experience, we are uniquely positioned to help regulated and unregulated entities deliver compelling and unique customer propositions. The VODENO Cloud Platform (VCP) is one of the world’s first and most comprehensive âBanking as a serviceâ, activated in partnership by Aion Bank under BCE license to provide integrated financial services to banks, lenders and retailers. traders, whatever their size or sector. Vodeno offers the possibility of meeting regulatory requirements while allowing rapid innovation.
For more information, please visit https://vodeno.com
About Aion Bank
Aion Bank is a full service credit institution incorporated under Belgian law – head office avenue de la Toison d’Or 26/28 1050 Brussels, Belgium.
Aion Bank operates under a Belgian banking license.
Aion Bank is a full-service digital bank that combines the best of technology with the breadth of services and guarantees of a traditional bank. Aion’s unique subscription model gives members access to all-inclusive banking services, including super high interest rates on savings accounts, commission-free portfolio management, and competitive loan rates , for a fixed monthly amount. In addition, Aion Bank offers integrated white label financing solutions to financial and non-financial businesses.
Aion Bank is backed by global private equity firm Warburg Pincus LLC and managed by seasoned international executives with extensive expertise in growing financial institutions.
For more information, please visit https://aion.eu/