US digital challenger Battle Bank taps Temenos for cloud banking solution
Battle Financial has selected Temenos’ Banking Cloud solution to underpin the global markets tech stack for its new branchless, digital-first offering Battle Bank.
Temenos’ platform for composable banking will serve as the foundation for Battle Bank’s foreign currency, market index and precious metals products.
Battle Bank intends to offer Federal Deposit Insurance Corporation (FDIC) insured foreign currency opportunities as well as market index deposits and the ability to acquire, store and borrow against non-FDIC insured precious metals.
Battle Financial president and board member Frank Trotter says the Temenos partnership will provide Battle Bank with “fast, open and scalable” technology to provide a streamlined customer experience.
“We’ve created Battle Bank to fill a widening gap in the traditional banking landscape — to offer high-yield interest accounts coupled with access to the world markets,” Trotter adds.
The US challenger is expected to launch in the second half of this year and is actively seeking its national banking charter.
Temenos has completed a string of deals over the past year. One of the latest saw the vendor sign a deal with existing user, Rakuten Europe Bank, for its cloud banking offering.