Temenos picked by Danish challenger Lunar to fight financial crime
Danish challenger bank Lunar has chosen financial services software provider Temenos to tackle financial crime on its platform.
Ticking boxes such as watch-list screening and fraud prevention, as well as covering anti-money laundering (AML) and Know Your Customer (KYC) services, Temenos will deliver on its comprehensive security promise by integrating with Lunar’s core banking and payments technology.
The mobile-only banking app bought the product, which is called ‘Financial Crime Mitigation’ (FCM) and runs on the cloud, in a bid to “address stringent regulatory demands” and to safeguard its customers and reputation, says Temenos in a statement.
“As a challenger bank it is crucial for us to be in full control and create a scalable and agile setup in the Nordics,” says Lunar’s COO Morten Sønderskov, who says the bank’s choice to go with Temenos will get it “ahead of the curve in financial crime prevention”.
“We are building a Nordic bank from scratch and realising our vision of becoming a financial Super App,” Sønderskov adds.
Founded in 2015, Lunar now has more than 100,000 users and recently secured its European banking license from the Danish Financial Supervisory Authority. The fintech now has plans to extend its offering even further throughout the Nordics.
Temenos says more than 200 banks depend upon its FCM product now. “[We] proudly support the momentum of challenger banks around the world,” says Temenos’ MD for Europe Steen Jensen.