Temenos (SIX: TEMN), a banking software company, announced on Monday its Temenos Transact has been selected by FlowBank, a Swiss fintech startup, to power its new digital bank. Temenos reported that Temenos Transact core banking technology will enable FlowBank to launch and offer a new investing experience to private and institutional investors in Switzerland and beyond.
Launched earlier this year, FlowBank secured its banking license in July 2020 and is planning to launch its operations by the end of 2020.
“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.”
Speaking about the collaboration, Charles-Henri Sabet, Founder and CEO, FlowBank, stated:
“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.”
Temenos added that 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.