Banking technology provider Temenos has teamed up with Vodeno and Aion Bank to accelerate banking-as-a-service (BaaS) deployment in Europe.
Through the collaboration, the firms aim to address the complexities and regulatory hurdles of deploying embedded financial services in the region.
Their initial offering will club the Temenos Banking Cloud with card management and payment processing services offered by Vodeno through an application programming interface (API).
The offering, Temenos said, will allow its clients to expand their product portfolio by automating and embedding new payments and card services.
Temenos CEO Max Chuard said: “The Temenos Banking Cloud combined with Vodeno’s technology and Aion Bank’s proposition will help banks and non-banks to create, deploy, consume and monetise new banking services.”
BaaS allows licensed lenders to integrate their digital banking services into the products of non-financial entities.
Through the partnership, Temenos, Aion and Vodeno will offer digital banking services such as mobile bank accounts, debit/credit card and payment services without a digital banking license.
Vodeno CEO Wojciech Sobieraj said: “Simply put, the ease in which we can integrate cards and domestic payments, as well as other banking services, will power digital transformation to the next level in Europe.”
Warburg Pincus managing director and head of financial services in Europe Peter Deming said: “Our excitement for the ‘Banking as a Service’ opportunity in Europe continues to build as more companies, banks and brands seek to improve their customer experiences through embedded finance.”
Earlier this month, Ethiopia’s Bank of Abyssinia (BoA) decided to implement Temenos Infinity to digitise its banking services and accelerate customer growth.