Banking technology provider Temenos has unveiled an artificial intelligence (AI) powered buy-now-pay-later banking service on the Temenos Banking Cloud.

The new BNPL offering is aimed at allowing banks and fintechs to offer AI-driven alternative credit products and reach new markets.

Temenos BNPL, which uses patented explainable AI (XAI), can help lenders provide transparency into automated decisions and offer customers credit based on their history, Temenos noted.

It added that XAI allows clients to pre-approve loan applications and offer variable instalments based on pre-determined criteria.

Temenos said its solution helps banks offer BNPL at scale without having to provision new IT infrastructure.

It can be deployed via the Temenos Banking Cloud irrespective of the core banking solution.

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By GlobalData

Temenos CEO Max Chuard said: “In an extremely competitive market, financial services providers need to evaluate new business models to drive revenue. As the strategic technology provider for over 3,000 banks worldwide, we are committed to empowering our clients to pioneer and adopt those new, profitable business models.

“We are very excited to launch this new solution to enable our clients to offer alternative financing that is fast, seamless, and scalable.”

Aite-Novarica Group strategic adviser of retail banking and payments Ginger Schmeltzer said: “The Temenos SaaS solution for BNPL, combined with embedded AI, brings together proven technology with increased speed, efficiency, scalability and decision-making transparency.

“Temenos’ robust and flexible BNPL as a Service will make this new business model available to companies of any size from the credit unions and the challengers to global payments providers and Tier 1 banks.”