Temenos launches self-service financial crime prevention solution

Thursday 13 October 2022 14:17 CET | News

Swiss provider of banking software Temenos has launched a SaaS offering that allows banks to manage financial crime mitigation (FCM) with composable banking services on a single platform.


Temenos’ FCM-as-a-Service delivers pre-built configurations aligned to global industry regulations. With self-provisioning and automatic upgrades for fast compliance and time to value, Temenos hopes that banks can achieve lower total cost of ownership and improved customer service.

The FCM solution is used by 300+ banks from global tier ones to regional banks, neobanks, and digital-only banks. Temenos CEO Navigator, a survey-based customer value benchmarking and advisory service, shows that Temenos clients using the FCM solution benefit from lower false positives, and increased risk and compliance efficiency. As the survey from the company shows, these banks have 92% faster client onboarding time compared to banks that are not using Temenos FCM.

About the service

The solution, which uses patented Explainable AI (XAI), helps banks make decisions by quickly determining if an alert is genuine or not to improve accuracy and productivity. This pay-as-you-go solution, scales elastically, offering availability for peak loads or anticipated growth. The service includes industry-standard certifications spanning risk, security, and data privacy without the need for new IT infrastructure. At small and mid-size banks where the cost of FCM is disproportionately high, this can significantly boost profitability and reduce operational risk.

Swiss provider of banking software Temenos has launched a SaaS offering that allows banks to manage financial crime mitigation (FCM) with composable banking services on a single platform.


The service can be used through the Temenos Banking Cloud. It comes pre-integrated with Temenos core banking platform or with an API catalogue for connection to any other third-party core. The Temenos banking service covers all financial crime mitigation needs from sanction screening and Politically Exposed Person (PEP) matching to AML transaction monitoring, payment fraud mitigation and KYC customer risk assessment.

Banks composing their FCM service on Temenos Banking Cloud can deploy the complete FCM solution or in parts to meet their immediate needs, and add on capabilities as their needs change, paying only for what they use.

Temenos’ recent partnerships

In late July Temenos and Wipro expanded their partnership to help banks accelerate their go-to-market strategies in regions like the US, the UK, and Australia. Under this agreement, Wipro become a global partner as part of the Temenos IMPACT partner program and now provides its clients with domain expertise to design, test, implement and extend Temenos’ technology.

Earlier, in June, white label card and BaaS provider Optimus Cards joined the Temenos open platform for composable banking to expand its Cards-as-a-Service business. Temenos helps the UK-based business to launch new products faster and efficiently scale its business as it tackles expansion into new markets.

As part of the agreement between the two companies, the Temenos processes all transactions and manages customer accounts, while Optimus is a lending solution to support its new credit card service. The platform connects in real time via APIs and provides extended banking and card solutions.

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Keywords: fraud prevention, fraud management, fraud platform, SaaS, financial crime
Categories: Fraud & Financial Crime
Companies: Temenos
Countries: Switzerland
This article is part of category

Fraud & Financial Crime


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