GENEVA–(COMMERCIAL THREAD) – Silicon Valley-based Mbanq, a banking as a service (BaaS) provider and one of the world’s fastest growing FinTechs, today announced the signing of a strategic agreement with Temenos (SIX: TEMN), the open cloud banking enterprise, to launch an innovative Credit Union-as-a-Service (CUaaS) offering and accelerate the adoption of BaaS in the United States.
CUaaS is offered by Mbanq’s Credit Union Service Organization (CUSO) and will be powered by the Temenos Banking Cloud. This solution is a new comprehensive end-to-end service to help U.S. credit unions of all sizes accelerate their digital transformation and deliver innovative digital financial services and exceptional experiences to their members. Mbanq’s CUaaS combines Temenos’ modern cloud technology with operating, legal compliance and financial services solutions, integrated into a unique ecosystem of credit unions. Both companies are already engaged in customer acquisition and proof of concept in the United States with credit unions.
The United States has more than 5,000 credit unions with more than 100 million members representing more than $ 3.6 billion a year in technology spending. However, many credit unions are burdened with legacy systems unable to deliver basic digital banking services such as digital integration, which emerged as a “must-have” capability during the pandemic. Together, Mbanq and Temenos will deliver rapid digital transformation so that credit unions can offer competitive financial services to their members across all touchpoints. This powerful combination will also reduce the time it takes to start and operate a de novo credit union.
These capabilities will be powered by Temenos open cloud technology. The Temenos Banking Cloud, which combines Temenos Transact, Temenos Infinity and Lifecycle Management banking services, will connect via REST APIs to the Mbanq cloud platform.
Mbanq will also offer an accelerated solution based on Temenos’ technology to FinTechs and e-commerce companies wishing to integrate banking services, such as payments and loans and expand their product portfolio rather than developing their own technology or going through. the long and costly process of obtaining a banking charter. In addition, Temenos will offer value-added BaaS capabilities to banks such as loans, Buy Now Pay Later (BNPL) or credit card services through Mbanq.
Max Chuard, CEO of Temenos, said: “Following our strategy to accelerate the adoption of banking as a service in Europe, we are now excited to expand into the United States. With this strategic agreement with Mbanq, we are opening a new channel to the BaaS space and increasing our penetration in the American credit union market. Existing Temenos Credit Union customers will benefit from Credit Union-as-a-Service to run their operations seamlessly and cost effectively on modern cloud technology. With Mbanq, we can support Credit Union’s digital transformation, removing the complexity of managing technology so they can focus on delivering innovative banking services to members. ”
More than 3,000 financial services institutions around the world take advantage of Temenos’ modern and open cloud technology. The Temenos Banking Cloud enables financial institutions to consume, manage and maintain banking services in a secure and evolving self-service platform, while enabling them to develop new business models.
Vlad Lounegov, CEO of Mbanq, said: “We are delighted to partner with Temenos, the market leader in banking technology. Powered by the Temenos Banking Cloud, Mbanq markets a Credit Union-as-a-Service offering that automates all of the operational requirements that a modern credit union needs. This revolutionary partnership will drive the growth of our business and help regulated and unregulated entities transform their offerings, technology and customer experiences in the post-pandemic digital world. ”
Mbanq CUSO prioritizes rapid digital transformation so that credit unions can seamlessly provide competitive financial services to their members in niche markets through online and mobile channels.
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Mbanq is a banking as a service (BaaS) provider and technology innovator and one of the fastest growing FinTechs in the world. It operates dozens of banks and credit unions across America and the world. Based in Silicon Valley, Mbanq has 150 employees and offices and development centers around the world, including in San Francisco, Singapore, Germany and Croatia. www.mbanq.com
Mbanq CUSO implements the world’s first Credit Union-as-a-Service (CUaaS), a comprehensive ecosystem of technologies and services that delivers everything a credit union needs in a unified way. www.mbanq.com/cuaas
Temenos AG (SIX: TEMN) is the world leader in banking software. More than 3,000 banks around the world, including 41 of the 50 largest banks, trust Temenos to handle both the day-to-day transactions and customer interactions of more than 1.2 billion bank customers. Temenos offers cloud-native, AI-agnostic and AI-driven front office, core banking, payments and fund administration software, enabling banks to deliver frictionless omnichannel customer experiences and achieve l ‘operational effectiveness.
Temenos software is proven to enable its top performing clients to achieve cost-revenue ratios of 26.8%, half of the industry average, and return on equity of 29%, or three times the average of the sector. These customers also invest 51% of their IT budget in growth and innovation versus maintenance, which is double the industry average, proving that banks’ IT investment adds tangible value to their business. business.
For more information, please visit www.temenos.com.