FlowBank Selects Temenos SaaS to Rapidly Launch Swiss Digital Bank and Reinvent Online Investor Experience
Temenos (SIX: TEMN), the banking software company, today announced that FlowBank has selected Temenos Transact delivered as SaaS to power its new digital bank in Switzerland. Temenos Transact core banking technology will enable FlowBank to rapidly launch and offer a new investing experience to private and institutional investors in Switzerland and internationally.
FlowBank has recently secured its banking license in July 2020 and is planning to launch the operations by the end of 2020. The bank aims to meet the needs of both sophisticated and new investors, who wish to manage their banking and investments on their own. 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.
With Temenos SaaS, FlowBank will create a hyper-efficient cost model and reduce IT costs, which will enable it to go up against established players by offering online trading and banking services at competitive rates. Using cutting-edge technology, Temenos top-performing banks achieve cost-income ratios of 26.8% twice better than the industry average.
Accessing the solution through a subscription model, FlowBank will be able to scale usage based on business demand. Temenos SaaS offers elastic scalability to support FlowBank’s client growth plan and its international expansion.
A key new product feature within Temenos Transact will allow Flowbank’s customers to trade from a single multi-currency bank account and access more than 50 financial markets. The bank will be able to launch personalized products at a fraction of the time and differentiate the customer experience. Temenos’ Transact pre-configured banking functionality will enable FlowBank to deploy the technology without customization. FlowBank will offer online banking, trading services and credit cards, an investment experience open to everyone, thanks to a mobile app and an optimized trading platform to deal with all asset classes.
Charles-Henri Sabet, Founder and CEO, FlowBank, commented: “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.”
Flowbank joins a raft of digital banks across the globe such as Alba, Banco del Sol, Flowe, Lunar, Next Commercial Bank, Varo Bank and WeLab Bank, that have selected Temenos as the de facto technology provider to help them launch quickly and innovate at speed.
Max Chuard, Chief Executive Officer, Temenos, added: “We are proud to support FlowBank’s launch in Switzerland, which is a country where we have a strong heritage and deep experience. Temenos Transact delivered as SaaS, will allow FlowBank to benefit from scalability and an elastic hyper-efficient cost structure. With Temenos SaaS, the new digital bank will benefit from lower total cost of ownership and allow FlowBank to be agile, rapidly innovate and offer outstanding trading and banking experiences. We see traction globally where challenger banks – free from the constraints of legacy technology – recognize the potential for Temenos’ innovative technology to give them the agility to grow.”
– Ends –
FlowBank is a digital bank headquartered in Geneva, Switzerland. It will commence its operations in the fall of 2020. Founded by Charles-Henri Sabet, FlowBank aspires to reinvent the online investor experience. FlowBank SA has been awarded a banking license by the Swiss Financial Market Supervisory Authority (FINMA). To learn more about Flowbank visit: www.flowbank.com
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
Temenos Global Public Relations
Tel: +1 610 232 2793
Email : firstname.lastname@example.org
Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Bacardi First in Fight Against Plastic Pollution With 100% Biodegradable Spirits Bottle21.10.2020 12:00:00 EEST | Press release
Bacardi, the world’s largest family-owned spirits company, has made a giant leap forward in the fight against climate change and plastic pollution today, as it unveils plans to put the world’s most sustainable spirits bottle on shelf by 2023. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201021005281/en/ Bacardi First in Fight Against Plastic Pollution With 100% Biodegradable Spirits Bottle (Photo: Business Wire) The new 100% biodegradable bottle will replace 80 Million plastic bottles – 3,000 tons of plastic – currently produced by Bacardi across its portfolio of brands every year. This revolutionary move by Bacardi is possible thanks to its close collaboration with Danimer Scientific, a leading developer and manufacturer of biodegradable products. Petroleum-based plastics used by Bacardi today will be replaced by Danimer Scientific’s Nodax™ PHA, a biopolymer which derives from the natural oils of plant seeds such as palm,
1 GWh of Daily Solar Production Is Optimized and Monitored by Tigo Solutions Globally21.10.2020 12:00:00 EEST | Press release
This summer, Tigo Energy Inc.’s fleet of monitored module-level power electronics (MLPE) crossed a major milestone – more than 1 GWh of daily solar production. The fleet includes tens of thousands of communicating systems that span all seven continents on sites ranging from single kilowatt residential scale to multi-megawatt utility scale PV installations. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201021005322/en/ Tigo's fleet of monitored PV systems spans all 7 continents and generates more than one gigawatt-hour of energy per day. (Graphic: Business Wire) “This is a significant milestone that’s the result of years of hard work by our team and our amazing network of partners that literally span the globe,” said Zvi Alon, Chairman and CEO of Tigo Energy. The daily production is tracked using Tigo’s cloud monitoring platform, which has the most granular data visibility available in the market. End customers and installat
Lionbridge International Wins 3M EMEA Supplier of the Year Award21.10.2020 11:00:00 EEST | Press release
Lionbridge International, a global leader in localisation and AI training data solutions, was honored with the 2019 3M Supplier of the Year Award in recognition of the company’s contribution to improving 3M’s competitiveness. This year, 3M recognized 12 suppliers, among thousands in its global supply base, for world class performance in providing products and/or services. These suppliers were identified and rated based on strategic spend, contract compliance, actions taken to improve 3M’s relevance and overall supplier performance (quality, delivery, responsiveness, cost, and technology roadmaps). “We are truly delighted to receive this prestigious award as it recognizes our commitment and dedication to support 3M by providing agile communications which resonate locally and amplify their global brand,” said Corinne Saunders, EMEA Managing Director, Lionbridge. “Our partnership has evolved over many years to the global engagement we have today and this award showcases the trust, shared
Ooredoo Algeria Pushes to 10Gbps its Wireless Mobile Backhaul with SIAE MICROELETTRONICA21.10.2020 10:00:00 EEST | Press release
Ooredoo a leader in mobile services, together with SIAE MICROELETTRONICA, a leading supplier of microwave and millimetre wave radio for mobile backhauling, established another record in the country pushing mobile backhaul capacity to 10Gbps. Ooredoo Algeria is unceasingly working to maximise its mobile backhaul capacity, establishing one of the most technologically advance transport infrastructure in the region. This latest achievement is part of the ongoing e-band and multiband backhaul upgrade program to a multi-gigabit infrastructure. The 10Gbps link has been achieved by upgrading an existing link operating at the maximum channel bandwidth allowed in the country of 1GHz, to a 2+0 configuration over a single antenna, effectively doubling the link capacity. “Investing in new technologies is fundamental in building resilient networks capable of withstanding unexpected situation” says Abdelkrim Melab, Head of Transmission Engineering at Ooredoo Algeria, adding “this has been possible th
Vertical Group Holding: BNP Paribas Leadership MUST Come to Malta for Questioning in Case Alleging Anti-semitism and Corruption, Court Rules, Following Extended Legal Fight Over Their Attendance21.10.2020 10:00:00 EEST | Press release
BNP Paribas’ CEO and Chairman have been ordered to appear before a Maltese court, where they face questions about the French bank’s alleged involvement with a highly controversial deal in Malta, and about serious alleged ethical, legal and professional violations at the bank, Vertical Group Holding announces today. Jean-Laurent Bonnafé and Jean Lemierre, two of France’s highest-profile executives, will be pressed to give evidence as witnesses in court concerning their roles in an alleged plot by BNP Paribas to discredit a financier of British-Israeli background who had criticized the bank over its admitted involvement in multiple criminal activities, including money-laundering for pariah regimes. Jacob Agam, alongside Malta-based Vertical Group, the international private equity group he chairs, is bringing a civil lawsuit against both men and BNP itself for what he alleges was the bank’s deliberate and unlawful destruction of the business’s assets. BNP and the executives dispute the cl
MYbank Shortens Payment Cycles for Small and Micro Businesses in the Lead up to This Year’s 11.11 Global Shopping Festival21.10.2020 07:38:00 EEST | Press release
MYbank, a leading online private commercial bank in China with a focus on serving small and micro businesses, today announced a program to provide RMB 400 billion of collateral-free credit to businesses in need as they gear up for this year’s 11.11 Global Shopping Festival. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201020006336/en/ Leveraging Ant Group's technologies, MYbank has pioneered the “310 model” that enables SMEs to apply for collateral-free business loans that take less than three minutes to apply for on a mobile phone, less than one second to approve, and requires zero human intervention. (Photo: Business Wire) As part of the dedicated program, MYbank is offering a total of RMB 200 billion in short-term loans to help small and micro business owners overcome the economic impact of the COVID-19 pandemic. This enables business owners, particularly smaller vendors with more immediate capital needs, to receive pay
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom