Temenos Launches Fintech Marketplace With 50 Partners
Nov 29, 2021
The Swiss banking software provider Temenos is launching a fintech marketplace. The Temenos Exchange platform is designed to enable banks to accelerate the deployment of new financial services while reducing development costs. One fintech company that recently joined Temenos Exchange is Greenomy with its Sustainable Finance Disclosure Regulation (SFDR) solution, which targets the upcoming EU taxonomy. 0
Under the title “Temenos Exchange”, the Swiss banking software provider has set up a marketplace for open banking applications. At the start, 50 Fin t ech companies are already represented with their solutions. Many more are expected to join in the coming years. The financial industry is following the trend toward open, innovative solutions, which is expressed, for example, in increasing applications of open banking solutions. Embedded finance is also gaining increasing traction. According to a survey of bank managers worldwide by the Economist Intelligence Unit, almost half (47 percent) expect their business model to open up towards ecosystems in the next two years so that banks offer their own products together with services from third-party providers. Swiss banking software provider Temenos is responding to this development with its Temenos Exchange platform, a FinTech marketplace for open banking applications. All solutions available here are certified by Temenos and are pre-integrated so that they can be easily deployed via the Temenos Banking Cloud. Read more on the subject and find the latest business headlines of the day with the Born2invest mobile app. Sales opportunities for FinTech companies
The marketplace is designed to enable banks to accelerate the deployment of new financial services while reducing development costs. At the same time, the marketplace is expected to become a key element of Temenos’ upcoming developer program, through which its financial solutions can be monetized. The software provider promises participants access to enormous market potential. Joining Temenos Exchange, it says, means developing an application once and then being able to offer that solution to a banking audience of more than 3,000 customers in 150 countries, which in turn is backed by 1.2 billion banking customers worldwide. Development support
At the same time, Temenos promises to support fintech companies in the development of their solutions. For example, it said the marketplace will be supported by a new developer program, Scale, which will provide participants with access to an API portal, shared and dedicated multi-product sandboxes to develop and validate ideas, and enhanced tools to accelerate development. Temenos will also provide business expertise and support to early-stage FinTechs, including proof-of-concept testing to turn new ideas into reality. “Temenos Exchange is all about collaboration and co-innovation. It helps unlock the enormous potential of developing and selling solutions that transform the customer experience and change the DNA of how banks operate. It makes it easier for financial institutions to quickly integrate new fintech solutions and helps developers accelerate innovation and bring new ideas to the widest possible banking audience.”
One fintech company that recently joined Temenos Exchange is Greenomy with its Sustainable Finance Disclosure Regulation (SFDR) solution, which targets the upcoming EU taxonomy. With this initiative, the European Union aims to ensure that more investment is channeled into sustainable activities, accelerating the transition to a carbon-neutral economy in line with the European Commission’s Green Deal. Greenomy CEO Alexander Stevens points out that the new EU legislation on sustainable finance poses complex challenges for all banks – and they need a solution soon. Greenomy’s integration with Temenos and access to Temenos Exchange will enable thousands of banks to immediately deploy the advanced software tools and capabilities needed for compliant sustainability reporting. The first reports are expected in January 2022 and banks are under pressure to respond immediately. Working with Temenos enables us to quickly extend the reach of our solution across the banking sector.”
The Temenos Exchange marketplace and the associated scale program for developers will help satisfy banks’ growing hunger for innovation, the Swiss software provider is convinced. This is because financial institutions are becoming aware of exciting solutions even before they have achieved broad market acceptance. Temenos also expects the number of participating FinTech companies to rise sharply in the coming years – from 50 at present to possibly more than 200. To ensure that all solutions can continue to be thoroughly tested to guarantee security and bankability, the integration team is being expanded significantly. DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information. This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures . First published in IT Finanzmagazin , a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail. Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.