Software

Temenos intros Composable Banking Services

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January 24, 2022

Temenos, a banking software company, has introduced Composable Banking Services and Capabilities on its Banking Cloud. With these tools, banks can "compose" products with pre-configured and pre-assembled Temenos banking services and optional third party solutions from the Temenos Exchange, according to a press release.

Banks can explore a variety of services and capabilities or configure individual tools. Some of these tools include:

• Buy now, pay later.
• Challenger bank tools.
• Retail lending.
• Payment Fraud mitigation.
• Know-your-customer risk assessment.
• Banks can deploy any of these services on the Temenos Banking Cloud or an a public cloud.

"Our research shows that 76% of banks simply cannot cover their cost of capital. Banks are still burdened by legacy systems, which make it very risky, costly and slow to provide a differentiating and personalized, omnichannel customer experience. Doing nothing is no longer an option in this competitive environment. Banks need a new approach to run their business," Max Chuard, CEO, Temenos, said in the release. "Our industry-leading platform enables banks to open up to fintechs and partners, rapidly digitalize their processes, and deliver hyper-personalized experiences. We are giving banks the business agility and speed to improve their operations, lower their costs up to 75% and build sustainable businesses."