Technology providers Alkami, Finastra and Temenos all brought on new financial institution customers in the third quarter as demand for cloud-based solutions and digital banking rose. 

“Digital banking is an essential product now for a financial institution. We might not have been able to say that several years ago,” Allison Cerra, chief marketing officer at Alkami, told Bank Automation News, noting that digital banking is now a “non-negotiable” for FIs to remain competitive with Gen Z and millennial clients.

Similarly, demand ticked up for cloud solution providers like Temenos.  

In Q3, IBM expanded its use of Temenos with the addition of Temenos Payments Hub on the IBM Cloud for Financial Services platform, according to Temenos. 

“With Temenos Payments Hub on IBM Cloud for Financial Services, we are ultimately enabling clients to unlock innovation faster,” Prakash Pattni, managing director of financial services digital transformation at IBM, told BAN.  

With Temenos Payment Hub available on IBM Cloud for Financial Services, banks are able to “deliver fast, reliable and transparent payment services to their customers, without the need to build and maintain customer security and compliance controls themselves,” Pattni said. 

Finastra’s new clients and products in Q3 include the Finastra Compliance-as-a-Service solution on Microsoft Azure and Finastra Payments To Go, which is integrated with ThetaRay’s AI-powered transaction monitoring solution, a Finastra spokesperson told BAN. ThetaRay is an anti-money laundering service provider based in Hod Hasharon, Israel. 

As demand ticked up, the following FIs selected the third-party technology providers to support their digital efforts:  

Alkami win 

• $630 million, Fitchburg, Mass.-based IC Credit Union selected Alkami to provide its clients with cloud-based digital banking solutions. 

Finastra launches 

• Finastra integrated open finance provider MX Technologies into its Finastra Fusion Digital Banking solution; and 
• Finastra teamed up with Microsoft to use the tech giant’s company cloud services for its trade platform modernization. 

Temenos expands client pool 

• $521 million, Draper, Utah-based Varo Bank extended its use of Temenos Cloud; 
• Romania-based Libra Internet Bank selected Temenos for cross-border payments; and 
• IBM expanded use of Temenos Payments Hub on IBM Cloud for security and compliance capabilities. 

Visit Bank Automation News’ Transactions Database, which lists the technology selected or acquired by companies in the financial services industry, with a specific focus on technology that enhances automation.

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