Temenos has completed the acquisition of Logical Glue to accelerate its AI roadmap and expertise. Logical Glue is headquartered in London and provides a patented AI platform with financial clients in the UK and Europe.
Temenos says that its combination with Logical Glue’s platform gives banks the most advanced next-generation explainable AI banking products.
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The Logical Glue XAI platform will be immediately embedded within the cloud-native, cloud-agnostic Temenos banking platform. It is available with all Temenos software including digital front office, core banking, wealth management, payments and fund administration products.
This provides banks with next generation AI-powered applications irrespective of the choice of cloud that banks decide to deploy.
By embedding AI and Machine Learning into its products, Temenos will accelerate the release of explainable models that will underpin new AI use cases that focus on creating seamless customer journeys and automating manual processes with self-learning capabilities.
AI credit scoring models are immediately available worldwide. Temenos says this takes manual underwriting to the next level through AI automated decision making and recommendations that are transparent and explainable to the end user. Additional use cases include robo-advisor, intelligent pricing, product recommendation, real-time fraud detection and debt collection products.
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By GlobalDataTemenos acquires Logical Glue: ‘highly strategic acquisition’
The XAI platform will be fully integrated with the Temenos Data Lake giving banks a real-time, end-to-end Smart Data Lake. This will, says Temenos, offer higher quality and richness of data through multiple sources. This means that banks can make faster, more accurate and explainable decisions driven by AI algorithms.
Max Chuard, CEO Temenos says: “This is a highly strategic acquisition for Temenos. It accelerates our AI roadmap and brings an impressive team onboard that is immersed in AI and Machine Learning.
Hani Hagras, co-founder Logical Glue adds: “We are delighted and excited to be joining the Temenos family. Since 2012, Logical Glue has been at the forefront of machine learning and artificial intelligence. We are fearlessly passionate about advancing the potential of Explainable AI.”
