Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Temenos Group    TEMN   CH0012453913


SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Temenos : SaaS supports Flowe in launching an Ethical challenger bank in record time

10/07/2020 | 03:30am EST
Temenos SaaS supports Flowe in launching an Ethical challenger bank in record time

Flowe, the environmentally-friendly Italian challenger bank, went live in just 5 months with Temenos Transact, core banking and AI-powered Financial Crime Mitigation, delivered as SaaS

With Temenos SaaS technology, Flowe has created a hyper-efficient cost structure that enables the bank to deliver more value to its customers.

Temenos SaaS technology enabled Flowe to onboard over 15,000 customers in its first week

Temenos implemented the solution remotely during the Covid-19 pandemic

Press Releases, October 7, 2020
Temenos - Company

GENEVA, Switzerland - October 07, 2020 - Temenos (SIX: TEMN), 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 record time on Temenos SaaS after a remote implementation during the coronavirus pandemic.

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. 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 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.

Temenos SaaS technology enabled the bank to rapidly launch, it offers elastic scalability to support Flowe's client growth and it dramatically reduces IT costs. Flowe has created a hyper-efficient business model based on Temenos SaaS technology, which enables Flowe to pass on the benefits to its customers.

Temenos' AI-driven FCM offers the most complete protection against financial crime to improve resiliency and customer experience despite rising cybercrime rates due to coronavirus. Flowe will implement Temenos Payments later this year to provide instant payments in response to heightened demand. Temenos Payments will be integrated with Temenos Transact to provide seamless user experiences and market-leading cost-income ratios.

Temenos worked closely with Flowe to support a remote implementation during the coronavirus pandemic. Temenos' SaaS technology on Microsoft Azure accelerated the project timelines so that Flowe could launch in five months and address the surge in demand for digital banking. Temenos' Italy Model Bank provided highly localized, pre-configured banking functionality so Flowe could deploy the technology as is, without customization.

Ivan Mazzoleni, Chief Executive Officer, Flowe, commented:

'We are excited to announce this strategic partnership with Temenos. Its cutting-edge technology powered our launch and now fuels our purpose to bring a new standard of sustainable banking to the European market. Temenos' focus and unparalleled investment in innovation means Flowe will continue to benefit from the most advanced banking technology. Temenos' SaaS technology helped us to rapidly onboard a significant number of users in a matter of days. It will continue to support our growth as we expand our customer-base and reach new markets but mainly, it will help us in our scope that is empowering people to live a meaningful, sustainable and happy life. Temenos' open and API-first architecture will help us to continuously innovate and bring to market greener banking products and services as we build our reputation as Italy's most sustainable digital bank.'

Max Chuard, Chief Executive Officer, Temenos, added:

'Congratulations to Flowe for making this inspirational vision for a sustainable financial lifestyle a reality - we are proud to support them. Our partnership with Flowe shows the power of cloud technology and the benefits of SaaS. Temenos Transact and Temenos Financial Crime Mitigation products were remotely delivered as SaaS allowing Flowe to reap the benefits of scalability, efficiency and an elastic cost structure. Temenos is proud to support global digital banks like Flowe as they challenge the status quo and digitalize banking at pace. Temenos market-leading technology and rich expertise means that new digital banks and larger incumbents can gain the agility to innovate and grow, without the restrictions of legacy technology.' According the recent research from The Economist Intelligence Unit, building a greenfield digital bank remains a top innovation strategy according to 35% of global bank executives.


Temenos AG published this content on 07 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 October 2020 07:29:09 UTC

© Publicnow 2020
All news about TEMENOS GROUP
12/01TEMENOS : LTI Selects Temenos to launch Digital Banking Platform in the Nordic M..
11/20TEMENOS : Recognized as a Market Leader in Omdia's Digital Banking Platform Repo..
11/19TEMENOS : Named a Leader in the Dow Jones Sustainability World and Europe Indice..
11/05TEMENOS : Names Phillip Finnegan as Managing Director for Pacific Region
10/28TEMENOS : names Joaquin De Valenzuela Muley to lead digital banking growth with ..
10/22PROTECTED : “The Devil Wears Technology” Blog – Interview with..
10/22TEMENOS : Launches Real-Time SaaS Data Platform for Core Banking
10/21TEMENOS : 2020 q3 results call transcript
10/21TEMENOS : BCI, a Leading Latin American Bank, Selects Temenos to Launch New Corp..
10/15TEMENOS : 2020 Q3 Results Presentation
More news
Financials (USD)
Sales 2020 898 M - -
Net income 2020 173 M - -
Net Debt 2020 859 M - -
P/E ratio 2020 50,3x
Yield 2020 0,76%
Capitalization 8 551 M 9 597 M -
EV / Sales 2020 10,5x
EV / Sales 2021 9,29x
Nbr of Employees 7 351
Free-Float 86,2%
Duration : Period :
Temenos Group Technical Analysis Chart | TEMN | CH0012453913 | MarketScreener
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 18
Average target price 130,89 $
Last Close Price 118,10 $
Spread / Highest target 59,2%
Spread / Average Target 10,8%
Spread / Lowest Target -51,9%
EPS Revisions
Max Chuard Chief Executive Officer
Andreas Andreades Executive Chairman
Jean-Michel Hilsenkopf Chief Operating Officer
Panagiotis Spiliopoulos Chief Financial Officer
André Loustau Chief Technology Officer
Sector and Competitors
1st jan.Capitalization (M$)
SEA LIMITED357.19%90 830