Temenos has expanded its existing relationship with Mbanq, a US-based banking-as-a-service (BaaS) provider, to accelerate the adoption of BaaS in the US.
Alongside the investment, Temenos has made a minority investment in Mbanq to capture the BaaS market.
BaaS services enable any brand or FinTech company to embed relevant financial services into their customer journeys with a modern front and back-end technology package.
The duo said this partnership allows mid-sized banks in the US to launch BaaS services, such as credit cards, deposits and BNPL, as well as future-proof their technology stacks.
By combining Temenos’ composable banking platform with Mbanq’s complimentary technologies such as a multi-currency, multi-asset patented digital wallet, provides customers with a BaaS solution bolstered with compliant banking and payments capabilities.
The companies now offer an end-to-end BaaS infrastructure including regulatory support to help FinTechs launch in just a few months and with a cost-effective, pay-as-you-go model. Clients can embed banking and payment services, quickly and at a low cost.
Temenos CEO Max Chuard said, “Temenos is offering a unique end-to-end BaaS proposition, which can power the technology needs of all BaaS ecosystem participants. Together with Mbanq we bring to market a unique combination of capabilities in embedded finance underpinned by broad and massively scalable functionality, combined with value-add services such as regulatory and compliance.”
The companies previously came together in 2021 to launch a joint credit union as-a-Service offering.
Temenos has established a number of partnerships this year. It recently teamed up with North International Bank. The FinTech company is helping the financial institution enable digital services for its retail banking and private wealth operations.
Another partnership from Temenos was with Wipro. They extended their partnership to help banks of every size accelerate their modernisation journey. They are supporting banks in the UK, US and Australia.
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