Temenos signs new Scottish neobank Alba

Temenos signs new Scottish neobank Alba

New Scottish SME challenger bank Alba is to run its business on Temenos’ packaged cloud-native software, a model bank package that has been taken up by other neobanks across the world, including Varo Money, Praxia, Volt Bank, Judo Bank and Grasshopper Bank

Glasgow-based Alba has selected Temenos Infinity, a digital front office product, and core banking package Temenos T24 Transact, as well as Advanced Analytics and Payments modules to power its business lines for digital lending and savings.

The Swiss technology supplier will provide full hosting and application management services to Alba running on the Microsoft Azure cloud using Temenos Cloud Services.

Syncordis, a global implementation partner of Temenos, has been selected as the implementation partner of the project.

Alba expects to receive a banking license from the Prudential Regulation Authority and launch its relationship-based service in 2020.

Rod Ashley, CEO, AlbaCo Limited, comments: “It is important for us that Alba is ‘born in the cloud’, with market requirements already built in enabling us to set up our bank quickly. We believe that Temenos’ innovative, end-to-end digital banking platform combined with pre-packaged model bank functionality made Temenos the right choice to help us launch a bank that will offer a personalized experience - one centered around people and support for their businesses.”

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