New challenger AlbaCo plans to launch with Temenos’ core banking
AlbaCo Limited, a new Scottish business venture, is planning to launch a UK challenger bank for small medium enterprises (SMEs) and has selected Temenos as its core banking platform running in the cloud.
The Glasgow-based neobank, Alba, has selected Temenos Infinity and Temenos T24 Transact, as well as advanced analytics and payments modules to power its business lines for digital lending and savings. Temenos will provide full hosting and application management services to Alba running on the Microsoft Azure cloud using Temenos Cloud Services, benefiting from an agile implementation to complete project delivery in the shortest timeframe.
Alba expects to receive a banking licence from the Prudential Regulation Authority (PRA) and launch in 2020.
Rod Ashley, CEO, AlbaCo Limited, says: “It is important for us that Alba is ‘born in the cloud’, with market requirements already built in enabling us to set up our bank quickly.”
“Temenos Infinity and Temenos T24 Transact give a pre-integrated full technology stack – perfect for a new bank like Alba. Neobanks around the world are challenging the status quo and transforming the banking landscape – we’re proud to be part of this evolution,” says Des Noctor, regional director, UK and Ireland, Temenos.