Temenos (SIX: TEMN), the banking software firm, has announced Temenos Exchange, a new Fintech marketplace to bring Open Banking innovation to market quicker, and at scale.
The marketplace will provide pre-integrated and certified Fintech solutions that can be “deployed within the Temenos Banking Cloud, enabling banks to accelerate the creation of new financial services, while reducing the costs of development.”
The Temenos Exchange is the Core element “within the recently announced Temenos Scale Developer Program to promote and monetize new financial solutions,” the update explained.
The announcement also mentioned that this comes as the banking industry moves “towards open innovation and platforms and trends such as embedded finance are gaining traction.”
According to a Economist Intelligence Unit survey of international banking executives, nearly half (47%) expect their businesses to “evolve into ecosystems over the next two years, offering their own and third-party products and services to customers as well as other financial organizations.”
Martin Bailey, Director of Innovation and Ecosystems, Temenos, stated:
“Temenos Exchange is all about collaboration and co-innovation, unlocking the enormous potential to create and sell solutions that transform consumer experiences and change the DNA of how banks operate. It makes it easier for banks to quickly integrate new fintech solutions while helping developers accelerate innovation and get new ideas in front of the widest possible banking audience.”
For Fintechs and software developers, Temenos Exchange will serve as an accelerator, helping them “develop, validate and monetize new banking solutions.”
Joining Temenos Exchange means they are able to “write once and sell their solution across a vast banking audience of more than 3,000 clients in 150 countries.“ Collectively, this community “serves the banking needs of 1.2 billion people worldwide.”
Temenos Exchange is being supported by a new developer program, SCALE, which gives participants access to “an API portal, shared and dedicated multi-product sandboxes to develop and validate ideas and improved tooling to speed up development.”
Temenos will also offer business expertise and support to early-stage fintechs, “including proof of concept testing, to bring new ideas to reality.”
One of the newest Fintech companies to join Temenos Exchange is Greenomy, an EU Taxonomy/SFDR Solution that “enables the redirection of funds towards sustainable activities, speeding up the transition to a carbon-neutral economy in line with the European Commission’s Green Deal.”
Alexander Stevens, CEO, Greenomy, remarked:
“The new EU Sustainable Finance legislation presents complex challenges for banks. Integrating Greenomy with Temenos and accessible on Temenos Exchange enables thousands of banks to instantly deploy the advanced software tools and capabilities needed to deliver compliant sustainability reporting. With first reports due in January 2022, banks need to act fast and the collaboration with Temenos is an accelerator in extending the reach of our solution across the banking sector.”
