Temenos (SIX: TEMN), the banking software company, today announces the launch of Apiax and Pushfor onto Temenos MarketPlace, its platform for facilitating the exchange of value between fintech providers and financial institutions.
Both firms emerged as winners from the Temenos Innovation Jam series and will be competing in the Innovation Jam final next month.
Apiax, a Swiss RegTech company and one of the two winners from the Geneva Innovation Jam, is building powerful and flexible tools to master and transform complex regulations into easy-to-use digital compliance rules, which are always up-to-date and verified. The Apiax platform, which can be deployed on premise or in the cloud, combines comprehensive legal expertise with state-of-the-art technology to provide banks with machine-readable and dependable answers to complex regulatory questions and covers key legal areas such as cross-border compliance and tax regulations. The platform empowers legal & compliance experts with full transparency and allows front-line staff to take fast decisions. It ensures full compliance in any situation and is ready to be used in the Temenos WealthSuite.
Philip Schoch, Co-Founder, Apiax AG, said: “Financial institutions are facing mounting pressure from regulators. The current approach for complying with regulation doesn’t scale, is too expensive and can easily result in non-compliance and fines. This is why we have created Apiax, to provide a scalable, easy-to-use, legally dependable solution to this problem. Combining legal expertise with the best digital technology available, we’re delighted to bring our solution to the Temenos MarketPlace so that we can solve these regulatory headaches for Temenos’ community.”
Also launching today is Pushfor, a UK-based firm which provides banks a patented solution for securely sharing content across any platform and to any device. Their patented technology ‘pushes’ content rather than sending it - the difference being the original file remains secure at source. The sharing of content is highly controlled and banks are able to control exactly who sees what, where it is viewed and for how long, minimizing the financial, security and regulatory risks of the wrong information falling into the wrong hands. In addition, Pushfor tracks not just who sees content but how they consume it and generates rich usage analytics on previously uncaptured data, it can be a very effective tool in turning digital interactions into sales opportunities.
Pushfor CEO Mike Williams added: “Once you press send, you lose control over where the information and any attachments will end up. Not only is that of great concern for information security, but banks will have to do much better in a GDPR-world where consumer information is sacrosanct. Also, by sending rather than pushing content, banks miss out on the metadata to know how to improve it and on the insights that can improve customer retention and generate additional sales.”
Commenting on the launches, Ben Robinson, Chief Strategy Officer at Temenos, said: “Our commitment with MarketPlace is to find the most innovative fintech solutions, those that add real tangible value to our clients’ businesses. Apiax and Pushfor do exactly that. Both solutions go beyond just simplifying regulatory compliance and enable banks to boost sales and customer experience. We are excited to bring these products, now pre-integrated with the Temenos Suites, onto MarketPlace and also to see both providers compete in the Innovation Jam final at TCF in Dublin next month.”