Temenos (SIX: TEMN) has announced a new partnership with Aion Bank and Vodeno to deliver Banking as a Service (BaaS) in Europe.
Temenos is a banking software provider. Aion is a licensed bank and Vodeno is a cloud service aiding financial services firms.
The company said that the first banking services to be launched combine The Temenos Banking Cloud with Vodeno’s card management and payment processing services.
The partnership is designed to remove the complexities and regulatory overheads of deploying embedded financial services in Europe.
Currently, over 3,000 financial services institutions around the world utilize Temenos’ cloud technology. The Temenos Banking Cloud aims to help banks and businesses to consume, manage and maintain banking services while allowing them to develop new business models.
Temenos calls BaaS as a megatrend in financial service claiming that the BaaS market in Europe is around USD$ 3 billion.
Max Chuard, Chief Executive Officer, Temenos said that working with Vodeno and Aion Bank allows them to offer an open cloud banking platform designed for business agility and massive scale to banks, fintechs:
“We chose Vodeno and Aion Bank to establish this new channel to market for Temenos, which will help us capture the BaaS market opportunity in Europe. The Temenos Banking Cloud combined with Vodeno’s technology and Aion Bank’s proposition will help banks and non-banks to create, deploy, consume and monetize new banking services.”
