Temenos and Luxhub’s API team get first client Fortuna Banque
Temenos and Luxhub are teaming up to help Fortuna Banque comply with PSD2 requirements to maximise the new open banking wave.
The deal will incorporate the Luxhub service platform, in conjunction with the Temenos T24 core banking PSD2 module, and it follows the T24 selection by the bank for core banking and channels in March 2017.
This deal is the first in the ongoing collaboration between Temenos and Luxhub, which started last month.
“Investing in digital transformation is crucial to accelerate innovation, create added value and enrich our customers’ experience. [This deal] allows us to take advantage of the new open banking economy, which will arise in the near future,” says Mike Felten, director, Fortuna Banque.
He adds that these suppliers were picked partly due to their “very competitive total cost of ownership of the proposed solution”.
Fortuna Banque aims to open up the mandatory APIs in time to meet the deadline for the application of the regulatory technical standards.
Following this, the bank aims to begin discussions with external partners to build added-on services for its customers.
“PSD2 is placing new demands on the underlying technology infrastructures of incumbent banks and Temenos provides a fully integrated front-to-back API-based architecture that addresses the technology challenges of PSD2 and open banking,” comments Steen Jensen, managing director – Europe, Temenos.
Fortuna Banque is based in Luxembourg, and it’s a retail cooperative bank.
Last year, the RetailSuite/T24 deal with Temenos was made possible thanks to Syncordis, the supplier’s implementation partner.
Recently, FinTech Futures reported that the upcoming New York-based challenger Grasshopper Bank had picked Temenos for its core banking. Another challenger-to-be, Varo Money, also made the same choice.
The Venture Lab at The American University in Cairo (AUC Venture Lab) and Temenos also announced very recently that they had teamed up to make money and cuddle up to start-ups in Egypt.
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