Temenos announced that it has expanded its Banking-as-a-Service (BaaS) capabilities on Temenos Banking Cloud to meet the technology needs of organizations offering BaaS from licensed banks to specialist BaaS providers servicing brands or fintechs. With Temenos Banking Cloud incumbent and non-incumbent banks as well as BaaS providers can establish and scale their BaaS programs fast with minimal effort thus opening up new revenue streams. Temenos offers API-driven banking capabilities ranging from origination to fulfillment of financial products across retail, SME, corporate banking and wealth. With Temenos' new Open Products capabilities, licensed banks and BaaS providers can create and service highly-configurable financial products, enabling brands and fintechs to differentiate their embedded finance offerings.

In the BaaS ecosystem, brands and fintechs – from retailers to ride-sharing apps – are embedding financial services in their offerings to give a seamless customer experience, build customer loyalty and increase revenues. Temenos' Open Products addresses this requirement by decoupling product design and servicing from underlying processing systems. This allows new products to be designed on top of standardized banking services, and then published independently ‘as-code', making them extensible and upgradeable through Temenos' extensibility framework. For example, if a brand wants to offer credit services at the point of sale, they could consume Temenos lending service from the BaaS provider, and then leverage Open Products to design differentiated features, such as pay later offerings, variable rates, or early payment incentives.

To license holder banks, Temenos Banking Cloud offers always-on customer services such as payments, orders and credit scoring. Temenos' extensibility framework enables banks to explore banking services and configure or extend their functionality. Temenos provides a high-performance, API-based, cloud-native platform for banks to offer financial services to serve e-commerce brands and fintechs at scale.

Demonstrating the scale of Temenos' platform, a global payments provider launched its Buy-Now-Pay-Later service on the Temenos Banking Cloud, reaching 25 million BNPL consumers which equates to 150 million loans; this was the fastest and most successful product launch in the company's history. In a recent benchmark of 100 million customers and 200 million deposit accounts with 100,000 transactions per second and up to 61 transactions per second per core on AWS Cloud, the Temenos platform reached a world-class performance on scalability and efficiency proving its ability to help banks massively scale and cater for the high volumes of transactions in the BaaS world as multiple brands are hosted on a single platform underscoring green architecture. Furthermore, Temenos caters for the technology needs of BaaS providers complementing their payments and cards services with banking technology.

With Temenos platform, BaaS providers can offer an end-to-end BaaS infrastructure including regulatory support to help brands provide embedded finance. To BaaS providers, Temenos also offers APIs to connect to multiple brands or fintechs and help them deliver digital journeys to their customers and to service multiple products per brand from a highly scalable single platform. Temenos banking platform can also power 'as a service' offerings by BaaS providers such as personal loans and business credits.

The complexities of running multiple brands with different customer bases that share common infrastructure and books of records for regulated banks is easily handled by Temenos' proven multi-bank architecture.