Temenos wins new US customer in de novo bank ACDC
Temenos has secured a new US customer in American Challenger Development Corporation (ACDC).
ACDC has selected Temenos’ Transact system, which will sit at the heart of its proposed challenger bank.
The firm submitted a de novo application t the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) in July.
“American Challenger Bank” will base itself in Stamford, Connecticut, and target Generation X users. ACDC describes the segment as one with “well-defined unmet banking needs”.
American Challenger Bank plans to offer traditional deposit accounts, mortgages, and commercial lending products.
According to S&P Global, former Sallie Mae CEO Raymond Quinlan is in line for the CEO’s position.
“Digital is accelerating, leading US banking through a once in a generation shift,” says Temenos CEO Max Chuard on LinkedIn.
“We’re excited to partner with ACDC on their journey at the forefront of this transformation.”
Last month Temenos appointed Roger Klantschi as its new executive vice president of delivery for the Americas.
The technology firm sees the American region as a strategic one. It has spent more than $1 billion acquiring US tech firms Kony ($559 million) and Avoka ($245 million).
Temenos says it has 1,300 existing clients in North America, as well as 100 in Latin American and the Caribbean.