Temenos Presents the Temenos Exchange – its Enhanced Open Marketplace for Fintech Solutions
Temenos (SIX: TEMN), the banking software company, announced Temenos Exchange, a new Fintech marketplace to bring open banking innovation to market faster, and at scale. The new marketplace will offer pre-integrated and certified Fintech solutions that can be easily deployed within the Temenos Banking Cloud, enabling banks to accelerate the creation of new financial services, while reducing the costs of development. The Exchange is the core element within the recently announced Temenos Scale Developer Program to promote and monetize new financial solutions.
This comes as the banking industry moves towards open innovation and platforms and trends such as embedded finance are gaining traction. According to a recent Economist Intelligence Unit survey of global banking executives, almost 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, said: “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 act as an accelerator, helping them develop, validate and monetize new banking solutions. Joining the Exchange means they can 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 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. Business expertise and support to early-stage fintechs will also be provided, including proof of concept testing, to bring new ideas to reality.
One of the newest Fintechs 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, said: “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.”
The launch of the Exchange and SCALE program will serve the growing appetite from banks to access innovations, even before they have achieved widespread market adoption. Over the next few years, Temenos expects the number of fintechs on Temenos Exchange to increase from around 50 today to more than 200 and is significantly expanding its integrations team to ensure all solutions are thoroughly tested, secure and bank-ready.