Banking software provider Temenos unveiled new composable banking services and capabilities on the Temenos Banking Cloud.
The new services are aligned with the Banking Industry Architecture Network and include pre-configured and pre-assembled Temenos banking capabilities.
They also come with optional integrated third party solutions from Temenos Exchange.
The composable banking services are aimed at enabling banks and non-banks to quickly launch new offerings while reducing the cost of development.
The new services include retail lending, buy-now-pay-later, KYC customer risk assessment and payment fraud mitigation.
Temenos plans to include services such as digital mortgage and demand deposit accounts soon.
The services can be deployed by clients on their premise or on Temenos’ cloud or any public cloud irrespective of the size and location of the bank.
Larger lenders can select services they want to integrate into their systems. These include lending, deposits, and accounts/virtual accounts.
Temenos CEO Max Chuard said: “Banks are still burdened by legacy systems, which make it very risky, costly and slow to provide a differentiating and personalised, omnichannel customer experience.
“Our industry-leading platform enables banks to open up to fintechs and partners, rapidly digitalise their processes, and deliver hyper-personalised experiences. We are giving banks the business agility and speed to improve their operations, lower their costs up to 75% and build sustainable businesses.”
Banking-as-a-service providers such as Green Dot, Mbanq and Vodeno are also looking to expand their offerings using Temenos’ new service.