Banking-as-a-service (BaaS) provider Mbanq has joined forces with Temenos to launch a credit-union-as-a service (CUaaS) and further BaaS adoption across the US.
Mbanq’s Credit Union Service Organization (CUSO) will offer CUaaS, which will be powered by the Temenos Banking Cloud.
The new offering is aimed at credit unions in the US and is expected to overhaul the legacy system to accelerate their digital transformation.
Mbanq and Temenos will also offer a solution to fintech and e-commerce companies that wish to embed banking services.
Temenos CEO Max Chuard said: “With this strategic agreement with Mbanq, we are opening up a new channel to the BaaS space and are increasing our penetration in the US Credit Union market.
“Together with Mbanq, we can support Credit Union digital transformation, taking away the complexity of managing technology so they can focus on providing innovative banking services to members.”
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Additionally, Temenos will offer value-added BaaS services to banks such as lending, buy now pay later (BNPL) or credit card services through Mbanq.
Mbanq CEO Vlad Lounegov said: “Powered by The Temenos Banking Cloud, Mbanq takes to market a Credit Union-as-a-Service offering that automates every operational requirement a modern Credit Union needs.”
Last month, the banking technology provider joined forces with Vodeno and Aion Bank to accelerate BaaS deployment in Europe.
BaaS allows licensed lenders to integrate their digital banking services into the products of non-financial entities.