Temenos, the banking software company, today announced that Banca Mediolanum Group’s digital bank, Flowe, has gone live with Temenos Transact and Financial Crime Mitigation (FCM) delivered as SaaS.
Temenos Transact core banking technology enabled Flowe to launch in just five months as Italy’s newest challenger bank aiming to disrupt the market with sustainable and ethical financial services.
Flowe launched in June 2020 to meet the needs of younger retail banking customers who desire ethical and innovative digital banking. The digital bank provides user-friendly mobile banking experiences and aims to be more eco-friendly than traditional banks.
With Temenos SaaS technology, Flowe has the agility required to bring new products to market faster and offer the personalized experiences that customers need.
The Flowe card is made from wood that comes from certified forests
Temenos SaaS combined with the unique ability of the underlying technologies of Temenos Transact will enable Flowe to launch new products at a fraction of the time and differentiate the customer experience.
Flowe provides an account with an Italian IBAN without monthly fees, with the Fun account. ATM withdrawals in the Eurozone are free and the maximum account balance is €10,000.
The Flowe card is made from wood that comes from certified forests and it supports reforestation in Guatemala, reduces and offsets CO2 emissions and supports local families.
The challenger bank promotes social wellbeing
The bank encourages social wellbeing and builds community by enabling users to share expenses.
The challenger offers 100% facial recognition onboarding and it is naturally paperless in its operations. Temenos’ API-first technology allows Flowe to cut down deployment time and costs as well as easily connect to third parties.
This means that the bank can continuously innovate and update its product lines to meet the changing needs of its audience of young banking consumers.