Alba is a new UK-based challenger bank that is looking to launch in 2020. As part of its push, it has now teamed up with banking software company Temenos.
Alba has been set up to cater to the 24% of British commercial SMEs that have been declined financing in the last 12 months. It is currently seeking a banking licence from the Prudential Regulation Authority. Alba plans to launch the neobank in 2020 and to differentiate itself other challenger banks buy creating a relationship-based model supported by Temenos’ solutions.
It will be using Temenos Infinity, the digital front office product, and Temenos T24 Transact, the core banking product, as well as Advanced Analytics and Payments modules to power its business lines for digital lending and savings.
Rod Ashley, CEO of Alba, commented: “It is important for us that Alba is ‘born in the cloud’, with market requirements already built in enabling us to set up our bank quickly.”
Alba is not the only neobank to pick Temenos’ services. In the past Volt Bank, Judo Bank and Grasshopper Bank have also used its solutions.
This experience was something Ashley believed could prove useful as “Temenos has the knowledge and the ability to deliver a timely, cutting-edge and future-proof digital banking platform.”
The Alba CEO continued, “We believe that Temenos’ innovative, end-to-end digital banking platform combined with pre-packaged model bank functionality made Temenos the right choice to help us launch a bank that will offer a personalized experience – one centered around people and support for their businesses.”
Temenos acquired digital banking company Kony in August. In the same month, Temenos saw IIG Bank implement its solutions.
Copyright © 2019 FinTech Global
