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Mbanq partners with Temenos to accelerate Banking-as-a-Service in the US

Monday 11 October 2021 12:48 CET | News

US-based Mbanq, a Banking-as-a-Service provider, has signed a strategic agreement with Temenos, the open cloud banking company, to launch a Credit-Union-as-a Service (CUaaS) offering, and to accelerate BaaS adoption across the US.

CUaaS is offered by Mbanq’s Credit Union Service Organization (CUSO) and will be powered by The Temenos Banking Cloud. This solution is a new end-to-end service to help US Credit Unions of any size accelerate their digital transformation and delive digital financial services and new experiences to members. Mbanq’s CUaaS combines Temenos’ modern cloud technology with operations, legal compliance and financial services solutions, wrapped into a single Credit Union ecosystem. 

The two companies are already engaged in customer acquisition and proof of concepts in the US with Credit Unions. 

The US has over 5,000 credit unions with over 100 million members representing over USD 3.6 billion per year in technology spend. However, many credit unions are burdened by legacy systems unable to offer basic digital banking services such as digital onboarding, which emerged as a ‘must-have’ capability during the pandemic. Together, Mbanq and Temenos will offer rapid digital transformation so Credit Unions can deliver competitive financial services to their members through all touchpoints. This combination will also reduce the time required to launch and operate a de novo Credit Union.

These capabilities will be powered by Temenos open cloud technology. The Temenos Banking Cloud, which combines Temenos Transact, Temenos Infinity and Lifecycle Management banking services, will connect via REST APIs to the Mbanq cloud platform. 

Mbanq will also offer a fast-track solution based on Temenos’ technology to fintechs and ecommerce firms wishing to embed banking services, such as payments and lending and broaden their portfolio of products rather than develop their own technology or go through the lengthy and costly process of obtaining a banking charter. Furthermore, Temenos will offer  BaaS capabilities to banks such as lending, Buy Now Pay Later (BNPL) or credit card services through Mbanq. 

 


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Keywords: BaaS, digital banking, BNPL
Categories: Banking & Fintech
Companies:
Countries: United States
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Banking & Fintech






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