Set for launch in the second half of this year, US challenger Battle Bank has selected Temenos as as a key technology partner, adding to the Swiss vendor's growing roster of neobanking clients.
Battle Bank is led by two pioneers in the banking industry, Frank Trotter and Vincent Amato, who were part of the former group of founders of everBank.com, which was eventually acquired at just over $27 billion by TIAA in June 2017.
Upon launch, the new direct bank will offer traditional, high-yield FDIC-insured deposit products as well as opportunities to diversify out of the US dollar into nearly 20 foreign currencies and non-FDIC insured precious metals accounts. Battle has applied for a national banking charter and is tentatively scheduled for go-live in the second half of 2022.
Earlier this month the bank announced that it had selected technology from Finxact to underpin its tech stack. Building upon this, Temenos’ platform will serve as the foundation for Battle Bank’s foreign currency, market-index, and precious metals products.
“We’ve created Battle Bank to fill a widening gap in the traditional banking landscape - to offer high-yield interest accounts coupled with access to the world markets," says Trotter. "To make that vision a reality, we need technology that is fast, open, and scalable as we continue to grow our offerings. This partnership with Temenos will provide exactly that, making our clients’ experience as seamless and efficient as possible.”
Temenos recently announced it has exceeded the 70-neobank customer milestone - more than any other provider - and is now developing a range of new tools specifically designed to cater for this fast-growing segment.