As reported by IBS Intelligence, Temenos, a platform for payments, core banking, AI, etc., has been selected by new digital bank FlowBank to power its launch in Switzerland in late 2020.
Using Temenos to launch new digital bank
FlowBank has chosen the Ripple partner and will take advantage of its Temenos Transact cloud-based solution to attract private and institutional investors from Switzerland and the rest of the world and boost their investing experience.
Among investors the new bank targets are both newbies and seasoned ones; the latter will be managing their assets and banking on their own. Earlier this year, in July, the bank received a license and is regulated by FINMA.
Apart from other attractive points for FlawBank, the headquarters of Temenos are also located in Geneva.
Pushing FlowBank to 50+ financial markets
As the bank's CEO and founder, Charles-Henry Sabet, commented, Temenos will use its cloud technology to help the bank launch promptly and provide a reliable trading and banking experience to the clients.
Temenos will enable the clients of BlowBank to trade using just one multi-currency account and access to over fifty financial markets.
Temenos and Ripple connection
Temenos integrated with Ripple back in 2016 when Deloitte presented its integration at the Temenos Community Forum in Spain.
The goal was to allow Temenos customers and partners (financial institutions) to gain access to fast real-time payments at a low cost compared to the ones provided by the legacy payment system.
Earlier, U.Today reported that Temenos also teamed up with Varo fintech to help it launch Varo Bank using the same cloud-based solution: Temenos Transact.