Temenos (SIX: TEMN), a banking software program firm, introduced on Monday its Temenos Transact has been chosen by FlowBank, a Swiss fintech startup, to energy its new digital bank. Temenos reported that Temenos Transact core banking expertise will allow FlowBank to launch and provide a brand new investing expertise to personal and institutional traders in Switzerland and past.
Launched earlier this 12 months, FlowBank secured its banking license in July 2020 and is planning to launch its operations by the tip of 2020.
“The bank addresses this growing market segment by offering a simple, reliable investment experience open to all, using an optimized trading platform underpinned by Temenos Transact. The bank is FINMA-regulated and deposits are guaranteed up to CHF 100,000.”
Talking concerning the collaboration, Charles-Henri Sabet, Founder and CEO, FlowBank, acknowledged:
“We share the same values with Temenos of achieving the highest standards of customer service excellence, and it is a pleasure to collaborate with another company headquartered in Geneva. Temenos advanced cloud technology will enable us to launch fast and offer outstanding and reliable trading and banking experiences to our customers. Temenos SaaS technology will support our growth and will enable us to take on established players in the market benefit from a hyper-efficient business model and deliver more value to our investors and competitive prices.”
Temenos added that Flowbank joins a “raft” of digital banks throughout the globe, similar to Alba, Banco del Sol, Flowe, Lunar, Subsequent Industrial Bank, Varo Bank, and WeLab Bank, which have chosen Temenos because the de facto expertise supplier to assist them launch shortly and innovate at velocity.