Swiss investment challenger FlowBank picks Temenos Transact
Switzerland-based digital investment bank FlowBank has selected Temenos and its Transact system to run its core operations.
Temenos is delivering its core banking system on a Software-as-a-Service (SaaS) basis. It says FlowBank will be able to launch and offer “a new investing experience”.
FlowBank gained a banking licence in July and plans a launch by the end of the year. It aims to combine traditional banking with a model similar to retail investment apps like Robinhood.
FlowBank promises a single trading platform for all trading activities and access to more than 50 markets. The bank guarantees deposits of up to $110,000.
A “key new feature“ in Temenos Transact will allow customers to trade from a single multi-currency bank account.
“We share the same values with Temenos of achieving the highest standards of customer service excellence,” says Charles-Henri Sabet, founder and CEO of FlowBank.
“Temenos advanced cloud technology will enable us to launch fast and offer outstanding and reliable trading and banking experiences to our customers.”
Max Chuard, CEO of Temenos, says that Switzerland is a market where his firm has “strong heritage and deep experience.”
He adds: “We see traction globally where challenger banks – free from the constraints of legacy technology – recognize the potential for Temenos’ innovative technology to give them the agility to grow.”