60 global challenger banks now rely on Temenos for their tech

By Oliver Smith on Thursday 21 January 2021

Digital Banking

From Alba in Glasgow to Banco del Sol in Argentina.

60 global challenger banks now rely on Temenos for their tech
Image source: Max Chuard/Temenos.

Today, banking service provider Temenos announced 60 challenger banks around the world now use its technology to power their services.

Its customers range from Alba in Glasgow to Banco del Sol in Argentina and Varo Bank in the US, as well as Alpian, Flowe, FlowBank, Lunar, Next Commercial Bank, Pepper, WeLab Bank.

“We see great traction globally where challenger banks—free from the constraints of legacy technology—recognize the potential for Temenos’ advanced technology,” said Temenos CEO Max Chuard.

Temenos has a relentless focus on innovation and is investing over $1bn in R&D in the next few years. With Temenos’ cloud-native technology, challengers benefit from lower total cost of ownership and agility, rapid innovation and can offer outstanding banking experiences.”

Chuard claims the 60 challenger bank figures means that the business now serves six times the number of customers than its rivals in the core banking space.

Currently Temenos offers a host of services for challenger banks, including enhanced SME onboarding for business banking services, per-country localised banking, and its new multi-currency accounts through Temenos Transact which will allow day-to-day transactions in many foreign currencies.

Just two days ago, Temenos also announced a host of new technologies for its Enterprise Solution offering to help bigger banks compete with challenger banks.

Sign up for our newsletters

Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.