Virgin Money Australia goes live on Temenos Banking Cloud
Virgin Money Australia, part of the Bank of Queensland, has gone live on Temenos and its Banking Cloud product.
The bank aims to disrupt the Australian market with services for millennials focused on simplicity. It initially picked Temenos in March 2020.
Temenos says the bank has created “a frictionless and fully integrated digital banking experience”.
That experience is a combination of credit cards, transaction and savings accounts, a loyalty program and personal financial management tools.
Temenos says its Banking Cloud will give Virgin Money “total control” to deploy and configure banking services.
Using open APIs, the bank can also collaborate and extend its banking services with other fintechs and developers.
Banking Cloud combines the Temenos Infinity customer onboarding banking service and the Temenos Transact core banking system.
Partner applications for credit card management and payments connect via an API framework and real-time event architecture.
“With Temenos, we aim to set the new standard for Australian banking-customer relationships,” says Greg Boyle, CEO at Virgin Money Australia.
“The Temenos Banking cloud makes it easier to integrate with third parties and we have an agile platform that easily scales up or down depending on business demands.”
Virgin Money Australia is part of a wide Bank of Queensland portfolio that the latter uses to try and catch up with the country’s “Big Four” lenders.
Earlier this year the bank set aside AUD 1 billion for the purchase of digital lender ME Bank.
“It is incredible what Virgin Money Australia has achieved in such a short timeframe,” says Temenos CEO, Max Chuard.
“The pace of innovation reflects the passion and commitment of the Virgin Money team and shows what is possible with an agile cloud-based solution.”