Banking software company Temenos has introduced banking distribution services as part of its Temenos Infinity product.
Temenos Infinity, launched in 2019, gives banks the ability to transform at scale, creating AI-driven customer experiences.
Max Chuard, CEO, Temenos, said: “At Temenos, we recognise that distribution has split from manufacturing. This is in response to open banking and other structural changes in the banking industry. Last year we launched Temenos Infinity and Temenos T24 Transact to offer banks more choice in how they wish to transform and today we are launching another Industry first with the delivery of API and micro-service based distribution services in Temenos Infinity.
“This major milestone, unmatched in the digital banking market, gives banks the ability to offer personalised, explainable AI driven products, rapid development and deployment, and reduced cost of operation up to an enterprise-wide scale. While other digital banking products put limits on the biggest banks, Temenos Infinity gives a path to the future.”
Building on its current services, Temenos is offering banks a number of new distribution services. These include, onboarding services, a marketing catalogue, real time engagement for marketing, multi-party services and holdings and arrangement services.
In addition, Temenos will offer payment initiation and a funds authorisation service.
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The announcement comes as banks are moving towards open banking by separating product distribution from manufacturing. The aim is to distribute across multiple channels and meet the demands of their customers.
According to Temenos, the packaging of these new services separate from core manufacturing makes Temenos infinity the first to deliver a modern layered bank architecture.
In December, Temenos supercharged its retail banking portfolio by adding wealth management apps into Temenos Infinity.
The apps included robo-adviser and goal-based investment apps to enable banks to create and maintain a portfolio.