FINCI Goes Live with Temenos in Record Time in Less Than 4 Months
Temenos (SIX: TEMN), the banking software company, today announced that FINCI, a Lithuanian fintech company, has gone live with Temenos. FINCI is running next generation Temenos Payments on cloud-native technology along with Temenos Transact core banking on the same environment. This allows FINCI users to send, manage and receive instant multi-currency payments alongside with possibility for further extension of intelligent financial management tools all within a single app.
FINCI aims to simplify daily financial management for private individuals, entrepreneurs, freelancers, start-ups and already successfully working businesses of different industries by automating stressful and time-consuming financial and accounting tasks in a single, powerful App. Temenos’ rich banking functionality and API-first, microservices-based technology enabled FINCI to design, build and launch the service from scratch in just 4 months. With new open banking regulations, Temenos’ APIs also allow FINCI to integrate quickly with a wide range of external systems to help create its multiple intelligent financial management applications and drive its product and service innovation. FINCI will initially be available in the Baltic States and Poland with plans to extend the offering to the customers in other European countries and the UK.
Temenos’ cloud-native technology provides a flexible and agile platform that enabled FINCI to quickly build and launch new payment products that are PSD2 compatible with a high level of automation and where all appropriate fraud checks are applied seamlessly. This gives customers peace of mind and allows FINCI to focus on the customer experience and ease of use, knowing that Temenos Payments is efficiently accommodating all processing, monitoring and compliance needs.
Maksim Paukov, acting Chief Information Officer, Finci Technology, commented: “Temenos has enabled FINCI to take advantage of the opportunities arising from the emergence of an open banking market. We think of FINCI as an innovative and advanced platform for your business and personal financial life. At start, FINCI will offer daily financial products such as accounts, payments, currency exchange and payment cards. We develop our products fast and many great services and features, especially for business clients will be added shortly. With Temenos’ cloud-native technology we have a robust payments capability that is fast, secure and compatible with all the various payment regulations in the markets in which we will operate. The flexibility and agility of the Temenos platform will enable us to quickly create and launch financial products while continuing to innovate the customer experience that differentiates our service.”
David Macdonald, President of Europe, Temenos, said: “We are proud to celebrate the launch of FINCI. Temenos has become the de facto tech technology platform of choice for digital challenger banks and fintechs that want to launch fast and innovate rapidly. As FINCI has shown, our technology enables challengers to create hyper-efficient business models that deliver more value to their customers. Temenos has a strong presence in the CEE region and we look forward to supporting FINCI as it expands into new markets and leverages the agile product building capabilities of our platform to enhance its offering and bring innovative new ways to improve its customers’ financial lives.”
Award-winning Temenos Payments provides coverage for an extensive range of payment types, payment schemes, payment formats, and transaction types. When acting as a centralized hub, the solution standardizes, automates, and integrates payment flows, efficiently linking multiple payment sources and channels with multiple clearing and distribution networks and services.
FINCI also benefits from Temenos’ integrated Financial Crime Mitigation (FCM), covering watch list screening, anti-money laundering, fraud prevention and KYC with a flexible range of intelligent and versatile solutions to enhance detection and reduce cost. Temenos FCM is componentized and can be deployed in its entirety or partially to cover only specific business needs. This allows FINCI to add capability as its needs change and evolve.
FINCI joins more than 60 challenger banks and financial companies across the globe such as Alba, Banco del Sol, FlowBank, Flowe, Lunar, Next Commercial Bank, Varo Bank and WeLab Bank, making Temenos the de facto technology provider of choice for companies seeking to launch quickly and innovate at speed at the financial services market.
– Ends –
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.temenos.com.
Jessica Wolfe & Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
Email : email@example.com
Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
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