Rakuten Europe Bank opts for Temenos Banking Cloud
Temenos has signed a deal with existing user, Rakuten Europe Bank, for its Temenos Banking Cloud. Temenos will deliver banking services, including Rakuten Pay, on its cloud platform.
The bank’s aim is to enhance its member experience, speed the development of new payment products, and enter new markets. The move is also intended to provide the scalability to analyse large volumes of data generated by member activity.
Temenos’ core banking system is used by Rakuten Europe Bank in Luxembourg. The latest implementation for Rakuten Europe Bank will include pre-composed Temenos banking services for payments and accounts.
Rakuten Europe Bank is part of the Rakuten group, which comprises 70+ businesses and 1.6 billion+ members worldwide.
Toshihiko Otsuka, Rakuten Europe Bank CEO, comments: “The move to the Temenos Banking Cloud is an important milestone for Rakuten Europe Bank in its ongoing expansion in Europe. It provides the flexibility we need to scale and extend our banking services.”
Temenos Banking Cloud is a key part of the supplier’s composable banking strategy. It is intended to deliver a cloud-native platform for composing, extending, and deploying banking capabilities at scale.
Composed Temenos banking services consist of pre-configured and pre-assembled Temenos banking capabilities plus optional integrated third-party solutions from the Temenos Exchange.
Temenos recently announced new Temenos banking services, including buy now, pay later (BNPL), retail lending, payment fraud mitigation, and KYC customer risk assessment.