The agreement deepens the companies’ collaboration after last year’s launch of a joint
Temenos has also made a minority investment in Mbanq to capture the BaaS market which has seen explosive growth on the back of embedded finance valued at
Mbanq is a leading BaaS provider in the US, one of the fastest growing BaaS markets in the world. Mbanq targets brands across a number of sectors such as Ivy
Temenos composable banking platform combined with Mbanq’s complimentary technologies such as a multi-currency, multi-asset patented digital wallet, brings to market a differentiated BaaS proposition for FinTechs and brands on the one hand and modern and compliant banking and payments capabilities to the regulated partner banks on the other.
Temenos and Mbanq offer an end-to-end BaaS infrastructure including regulatory support to help FinTechs launch in just a few months and with a cost-effective, pay-as-you-go model. Consumer brands can embed banking and payments services offerings fast and at a low cost.
This partnership opens up the opportunity to target mid-sized banks in the US, enabling them to not only launch BaaS services such as deposits, credit cards or Buy Now Pay Later, but also future-proof their technology stacks by kicking off an incremental core banking renovation. Temenos and Mbanq enable these banks to overcome the limitations of their legacy technology by serving brands and FinTech at scale using modern API-based, cloud-native technology. Hence, banks can avoid being sidelined by nimble new entrants and can also open up new revenue streams.
“Temenos is offering a unique end-to-end BaaS proposition, which can power the technology needs of all BaaS ecosystem participants. Together with Mbanq we bring to market a unique combination of capabilities in embedded finance underpinned by broad and massively scalable functionality, combined with value-add services such as regulatory and compliance.
“Mbanq and Temenos have the opportunity to deliver this, and the increased and accelerated investments from both parties will leverage this market momentum. I expect this partnership to become one of the key sources of growth for Temenos in the very important US market.”
Vlad, Lounegov, Chief Executive Officer, Mbanq said: “We are delighted to expand our partnership with Temenos. Powered by Temenos open platform, Mbanq expands its BaaS value proposition across the entire spectrum of embedded finance, from concept to delivery to operations. Mbanq enhances its technology stack to offer embedded finance at scale to any e-Commerce brand.
“This game-changing partnership will drive our company’s growth and help regulated and unregulated entities transform their offerings, technology and customer experiences in the digital post-pandemic world.”
About Mbanq
Mbanq is a US-based Banking-as-a-Service provider with a comprehensive “as-a-Service” portfolio, including Compliance, Lending, Back Office, Disputes, Complaints, etc. Launched in 2016, Mbanq started as a technology partner to credit unions, banks and non-bank financial institutions to provide the innovative capabilities necessary to create and operate digital financial services. Mbanq is a fully compliant, vertically integrated solution, that covers the entire range of banking products for retail and corporate clients, with front-to-back office functionality. Mbanq’s white-label mobile apps and open banking API enable access to best of breed FinTech innovators while offering a modern digital experience to banking customers.
About Temenos
Temenos (SIX: TEMN) is the world’s leading open platform for composable banking, creating opportunities for over 1.2 billion people around the world every day. We serve over 3000 banks from the largest to challengers and community banks in 150+ countries by helping them build new banking services and state-of-the-art customer experiences. The Temenos open platform helps our top-performing clients achieve return on equity three times the industry average and cost-to-income ratios half the industry average.
For more information, please visit www.temenos.com.
Media ContactsJessica Wolfe &Scott Rowe Temenos Global Public Relations Tel: +1 610 232 2793 & +44 20 7423 3857 Email: press@temenos.comAlistair Kellie Newgate Communications on behalf of Temenos Tel: +44 20 7680 6550 Email: allnewgatetemenos@newgatecomms.com
Source: Temenos
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