Temenos and Canadian Western Bank Break the Boundaries of SME Banking with an Explainable AI Digital Banking Solution
4.3.2021 16:00:00 EET | Business Wire | Press release
Temenos (SIX: TEMN), the banking software company, today announced that it is partnering with Canadian Western Bank (CWB) on a pioneering innovation to support small- and medium-sized enterprises (SMEs) with financial decision-making and growing their businesses. The new solution, Temenos Virtual COO, is built on Temenos Infinity, the leading omnichannel digital banking product, and leverages Temenos Analytics and Explainable AI (XAI), API-first, cloud-native technology.
Temenos Virtual COO will offer relevant insights to accelerate the growth of small businesses and put business owners in control of their companies’ financial destiny. SME owners will be able to simulate different business scenarios with XAI-driven modeling enabling them to identify the best course of action for their business. The new solution will aggregate financial banking and business data to provide a consolidated real-time view of an SME’s financial health, and lighten the administrative burden so that business owners can spend more time on their business. Temenos Virtual COO will enable banks around the world to deliver tailored experiences that help SMEs navigate a complex and constantly changing landscape, and provide an open banking ecosystem for a centralized, next-generation experience. With this innovation, CWB will cement its position as the trusted advisor for SMEs in Canada, and a pioneer in financial services.
Temenos Virtual COO emerged from Temenos SME Think Space, an open innovation event of changemakers from across the industry. Temenos brought together SME owners, banks and technology partners in a two-day design sprint and hackathon to generate new ideas on how to solve the biggest challenges for SMEs. During that event, the delegates identified needs that aren’t currently being fulfilled by financial institutions – a heavy administrative burden and a lack of meaningful insight to support growth. This feedback became the driving force behind the collaboration between Temenos and CWB on Temenos Virtual COO.
Following the Temenos SME Think Space event, CWB partnered with Temenos on a 12-week Innovation Proof of Concept for Virtual COO. As part of the design process, Temenos and CWB applied feedback from local small business owners into the prototype, and then validated the results. By applying Design Thinking, agile methodologies, and Lean Startup principles, Temenos and CWB confirmed the potential for Virtual COO to deliver business value to banks and their SME customers. Deloitte Digital will collaborate with Temenos to take Virtual COO to market.
CWB is known for the relationship-based client experience it offers Canadian business owners. The bank has been a Temenos customer since 2012 when it began its transformation with Temenos Transact, the next generation in core banking. CWB also selected Temenos to deliver personalized, end-to-end digital experiences with Temenos Data Lake and Temenos Infinity, forming a strategic relationship. Temenos Virtual COO is the next phase of CWB’s ongoing commitment to deliver a differentiated digital banking experience that empowers SME owners.
Chris Fowler, President and CEO, Canadian Western Bank, commented: “It’s important now, more than ever to offer innovative digital solutions that ease the challenges that business owners face as they look to grow and maintain a business, especially during a pandemic. Temenos has been a key strategic partner for us on our digital transformation journey, and we are impressed with their focus and investment in innovation. We are excited to partner with Temenos to bring to market a data and intelligence-driven solution that will offer real-time insights and a holistic view, empowering SMEs to grow.”
Max Chuard, CEO, Temenos, said: “We are excited to bring this Innovation Proof of Concept to life with CWB. Temenos Virtual COO looks beyond what financial services banks offer to SMEs today, to what they can offer tomorrow. Running Innovation Proof of Concepts like this enables Temenos and clients like CWB to identify new opportunities to lead by example. With this collaboration on Temenos Virtual COO, CWB will take its digital offering to the next level, providing an innovative customer-centric solution tailored to the specific needs of SMEs. We are excited to work with CWB on this initiative, and inspire banks around the world to support their local communities and economies in new and exciting ways.”
– Ends –
About Temenos
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 1.2 billion 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.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210304005471/en/
Contact information
Jessica Wolfe & Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
Email: press@temenos.com
Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
Email: allnewgatetemenos@newgatecomms.com
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
REV Ocean Appoints Paul Baribault as CEO Ahead of 2027 Global Operations29.10.2026 16:45:00 EET | Press release
REV Ocean has appointed Paul Baribault as Chief Executive Officer as the organization moves towards the international debut of its 195-metre research vessel in Rio de Janeiro in April 2027, alongside the UN Ocean Decade Conference. One of the world's largest privately owned research and exploration vessels, REV represents a major philanthropic investment in ocean science. With nine laboratories, advanced deep-sea exploration vehicles and dedicated collaboration facilities, it is designed to give scientists access to world-class research infrastructure and connect their discoveries with the people and institutions able to drive ocean protection. Baribault joins as REV Ocean moves from a decade of engineering and construction into international operations. His mandate will be to build the international partnerships, funding base and organization needed to turn REV Ocean’s scientific capabilities into lasting ocean impact. An experienced conservation and nonprofit leader, Baribault served
Holder Partners Launches Strategic Communications Practice and Appoints Ali Ponte as Director and Practice Lead29.10.2026 16:15:00 EET | Press release
Holder Partners, a multidisciplinary consulting and advisory firm, today announced the launch of its Strategic Communications practice and the appointment of Ali Ponte as Director and Practice Lead. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20261027701219/en/ Ali Ponte, Director and Practice Lead of Holder Partners’ Strategic Communications practice. The practice advises leading companies and institutions, their boards, senior executives and counsel on communications, reputation and stakeholder considerations in complex matters and periods of significant change or opportunity. Each engagement is tailored to the client’s objectives and, where relevant, draws on Holder Partners’ broader advisory capabilities. Its strategic counsel, informed by research and analysis, helps clients assess the implications of a matter, anticipate stakeholder responses and communicate clearly and effectively. That work includes crisis preparedn
Accertify Formalizes Partner Ecosystem as Fraud, Payments, and Chargebacks Converge Into a Single Risk Surface29.10.2026 16:00:00 EET | Press release
Accertify, a leading fraud decisioning provider whose Predictive Yes Platform helps merchants say yes to more good customers, more revenue, and more growth, today announced the launch of the Accertify Partner Program, a formalized partnership ecosystem connecting payment providers, orchestrators, commerce platforms, and consultancies to Accertify’s network-powered fraud intelligence. Partners can join through two tracks. The Referral track lets partners make a single introduction while Accertify handles the sale, implementation, and support. The Reseller track lets partners sell Accertify on their own contract and own the client relationship and margin. Partners that integrate with Accertify follow a defined certification path, so clients get a tested, supported connection from day one. Every client a partner brings joins a consortium where good customers verified anywhere in the network get through faster everywhere, and bad actors seen anywhere are stopped everywhere. In 2025, Accert
Draslovka to Acquire ex-Natron Energy Battery IP, Completing a Vertically Integrated Western Sodium-Ion Value Chain29.10.2026 15:30:00 EET | Press release
Draslovka’s US-based subsidiary, COVORO MINING SOLUTIONS LLC (Covoro), the operator of one of the largest solid sodium cyanide plants in the world, today announced that it has agreed to acquire the intellectual property portfolio in Prussian Blue Analogue (PBA) and Prussian White Analogue (PWA) sodium-ion battery technology originally developed by Natron Energy. Prussian Blue and Prussian White Analogues are not a single material but a tunable family of framework materials, and the portfolio protects that family across the whole stack — active-material synthesis, electrodes, electrolytes, cell design and manufacturing, as well as complete battery systems — through issued and pending patents, trademarks, and manufacturing know-how, with protection extending into the mid-2040s. The agreement covers intellectual property and intangible assets only and was subject to review by the Committee on Foreign Investment in the United States (CFIUS), which granted clearance as a condition to closin
Veracode Finds First Meaningful Gain in AI Code Security Since 2025 as Average Pass Rate Hits 62%29.10.2026 15:27:00 EET | Press release
Veracode, the global leader in application risk management, today announced a jump from 56 percent to 62 percent in overall AI-generated code security, alongside a drop in vulnerabilities from 44 percent to 38 percent — the most significant improvement since the GenAI Code Security Report series began in July 2025. Anthropic's Claude Opus 5.5 and OpenAI's GPT-6-Sol co-lead the rankings at 73 percent, surpassing the previous high of 68 percent set by GPT-5.5 in July 2026. “We’ve been analysing code generated by multiple LLMs for more than a year. Until now, we have not seen a marked improvement in AI code security, despite consistently near-perfect functionality,” said Chris Wysopal, Co-founder & Chief Security Evangelist at Veracode. “This is the first time since running our study that we’ve been able to report a meaningful move on the security dial. Ten models now clear 60 percent, up from four in the last report, and the overall average has jumped six percentage points. With around h
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