Temenos, a company that specializes in banking software, has announced that it has onboarded the digital bank Virgin Money from Australia onto its Banking Cloud in a move that is expected to accelerate the upgrading of the bank’s infrastructure and make it more attractive, reliable, and stable for users.
Virgin Money is looking to build a strong digital bank with a target market among millennials and to this extent, it wants to make banking very simple and remove processes and procedures that are likely to delay services. It would hope that its integration into Temenos would help it to achieve a seamless digital banking experience and also help to bring together many banking products like a savings account, cards, and others into a single management suite for the users.
Max Chuard, CEO, Temenos, said: “We are proud to partner with Virgin Money Australia to power its ground-breaking digital bank. With The Temenos Banking Cloud, we are putting banks in control of their business models and innovation cycles, giving them the agility and speed to build great customer products and profitable business. It is incredible what Virgin Money Australia has achieved in such a short timeframe. The pace of innovation reflects the passion and commitment of the Virgin Money team and shows what is possible with an agile cloud-based solution. We look forward to building on this success to support the digital bank in its continued evolution and with Bank of Queensland as it seeks to leverage The Temenos Banking Cloud across its retail brands.”
The Banking Cloud of Temenos is a SaaS platform that helps onboarded clients to seamlessly deploy all kinds of banking services quickly and reliably using the APIs. It can also extend these services to other fintech firms as well which helps in providing flexibility and scalability as well.
Greg Boyle, CEO, Virgin Money Australia, said: “With Temenos, we aim to set the new standard for Australian banking-customer relationships. The Temenos Banking cloud makes it easier to integrate with third parties and we have an agile platform that easily scales up or down depending on business demands. With all the banking technology we need at our fingertips and all managed in the cloud by Temenos, we can focus our energy on what matters most – delivering the amazing digital banking experience our customers will love.”
The bank has announced that it would be looking to introduce more products shortly which includes loan products and deposit options.