Temenos (SIX: TEMN), the market leading provider of mission-critical solutions to the financial services industry, today announces that it has entered a sponsorship agreement with the Open Bank Project.
The Open Bank Project, led by Simon Redfern, CEO of TESOBE, uses open-source technology to provide banks and businesses access to an ecosystem of third party apps and application program interfaces (API's) that leverages the open sharing of data.
By working with the Open Bank Project, Temenos is looking to bring a secure and open API economy to the heart of the financial services industry connecting banks, fintechs and account holders. The Open Bank Project together with Temenos is making banking better by providing a solution for user defined sharing of data and giving banks and their customers greater choice with access to the latest innovations at the forefront of financial technology.
Temenos is actively involved with Fintech Fusion, Switzerland's first fintech accelerator, which seeks also to bring together the ecosystem of existing financial services providers with fintechs, venture capital and academia.
This agreement between Temenos and the Open Bank Project builds on a wider initiative by Temenos to foster innovation by building a strong community of developers building apps on its platform.
At the heart of this initiative is the Temenos MarketPlace, a self-service, online digital store for applications built by both Temenos and its wider eco-system of partners, which drive innovation for the benefit of Temenos customers. Through the Marketplace, Temenos partners have an opportunity to provide apps to the more than 2,000 Temenos customers, who in aggregate serve more than 500 million individual banking customers
It is envisaged that as part of the partnership, Temenos will hold hackathons and other events together with Open Bank Project and the Open Bank Project community will participate in Temenos events, such as its global Innovation Jam contest, the final of which is held at its annual community forum.
Aaron Phethean, MarketPlace Director, Temenos commented:
“Digitisation is changing financial services, accelerating changing customer behaviour and opening up the industry to new competition, both of which could be serious threats to banks. However, our view is that, provided banks work in close collaboration with the emerging community of fintech start-ups, they can foster innovation to transform their customers' experiences. This is why Temenos is working together with leaders such as Open Bank Project, to encourage collaboration that will make banking better for end customers."