Temenos launches improved automations and developer support

Core and digital banking provider Temenos on Tuesday unveiled new automations and low-code support for attendees at SCALE, its virtual developer conference. [caption id="attachment_220378" align="alignright" width="300"] Image by CanStock[/caption] Among the keynote announcements were additional low-code options such as standardized, drag-and-drop integration patterns, microservices, and more support for automated testing. The Geneva-based company also launched Temenos Exchange, which Martin Bailey, director of innovation and ecosystem, called “a new, expanded, comprehensive Temenos ecosystem” that builds on its Amazon U.S. marketplace for partner fintechs. “For developers, we want to make your ideas a reality and take them to market,” Bailey said. “For banks, we want to help our clients to leverage the innovation present in the ecosystem.” The company will reinvest 20% of its Exchange revenues into its fintech incubation program, he added. “This FinTech incubation program will give you access to technology know-how, market understanding, go-to-market expertise, everything you need to make your idea and development a success,” Bailey told developers. For banks that want to leverage innovative technology early in their maturity cycles, Temenos is opening the exchange to allow access to “early-market, cutting-edge emerging fintechs,” he said. “All of our providers are pre-integrated and cloud-ready … so we reduce friction and risk for the customer,” Bailey added, noting that the Temenos innovation hub will work to validate these solutions. The bank software provider also officially launched Unified UX (UUX), a tool that allows developers to build apps using industry standard web components. It includes a library of reusable, platform-neutral web components that can be used with low-code development tools such as the framework AngularJS or React , a JavaScript library for building user interfaces. “It's open-standards-based, it’s low effort, low dependency, highly portable, and it allows developers to leverage their platform of choice,” Bailey said. Temenos also relaunched its application programming interface (API) portal to offer a more streamlined user experience and improved documentation, Bailey added. In addition, the company revealed a new multi-product sandbox for developers that incorporates data event streaming, microservices and financial crime mitigation. Later this year, it will be expanded to include Infinity, the company’s digital banking platform, and Analytics, a reporting, analytics and business intelligence tool that supports real-time reporting. Access to the shared sandbox will be free. During his keynote address, Temenos CEO Max Chuard highlighted three innovative uses of its software-as-a-service (SaaS) offering : PayPal’s deployment of a buy now pay later product, enabled by Temenos’ technology. In nine months, PayPal processed 20 million loan applications on the solution, which embedded access to consumer credit at the point of sale. “They wanted to use digital technology to create a faster, easier and more seamless way for consumers to access credit embedded at the point of sale,” Chuard said. “Even PayPal CEO Dan Schulman described it as the ‘fastest start to any product launch we've ever launched.’” Italian challenger bank Flowe’s sustainability platform, enabled by Temenos Transact’s core banking technology, allows customers to choose eco-friendly initiatives such as tree planting. “Flowe went live with a vision in just five months using the Temenos banking cloud, and the scale rapidly onboarding 15,000 customers in the first week, and 600,000 in the first six months, it became the most downloaded app in Italy,” Chuard said. Canadian Western Bank’s (CWB) use of Temenos Virtual COO, a program using artificial intelligence (AI) technology to deliver intelligent solutions. The program — developed by Temenos and CWB — is “like having your own chief operating officer powered by the Temenos core and digital banking platforms embedded with explainable AI,” Chuard said.

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