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Wednesday, 09 June 2021 12:23

Virgin Money goes live on Temenos digital banking platform


Digital bank Virgin Money Australia is now live on the Temenos’ cloud and digital banking platform.

Temenos says its banking cloud creates a “unique digital service” that simplifies banking, rewards customers and helps them achieve their financial goals.

As part of Bank of Queensland (BOQ), the successful launch of Virgin Money on The Temenos Banking Cloud paves the way for other retail brands under the BOQ Group umbrella to transition to Temenos’ cloud-based core banking platform.

Temenos says BOQ’s stated long-term goal is to leverage the Temenos platform to achieve its overall digital transformation, and with Virgin Money, BOQ and ME Bank all operating in the cloud on a shared data architecture, the Group can accelerate innovation for its customers.

According to Temenos the banking cloud brings the “unmatched breadth of Temenos front-to-back banking services, an innovation sandbox, and the most complete fintech Marketplace, powered by an Explainable AI-enabled engine - all through an easy-to-access, self-service portal”.

Temenos says Virgin Money has ambitions to disrupt the Australian banking market with a new kind of digital bank for millennials, one that embraces simplicity and rejects financial complexity.

“With Temenos, Virgin Money has created a frictionless and fully integrated digital banking experience, bringing together credit cards, transaction and savings accounts, plus a loyalty program and personal financial management tools in a single, native mobile app. Customers can create a new account in minutes and start saving or spending immediately via the app,” Temenos notes.

“The Temenos Banking Cloud is a SaaS banking solution that gives Virgin Money Australia total control to deploy banking services that are easy to consume, configure and integrate with external applications. Using open APIs, the bank can also collaborate and extend its banking services with other fintechs and developers.

“Today, the SaaS banking solution combines the Temenos Infinity customer onboarding banking service and the Temenos Transact saving accounts banking service. Partner applications for credit card management, payments and its innovative loyalty and rewards program are all connected via an API framework and real-time event architecture.

“With a digital banking platform and integrated partner ecosystem running in the cloud and delivered as SaaS, Virgin Money Australia can launch products much faster and scale based on customer demand. The bank can also test and iterate products in rapid innovation cycles to deliver experiences that truly delight its customers,” Temenos said.

Max Chuard, CEO, Temenos, said: “We are proud to partner with Virgin Money Australia to power its ground-breaking digital bank. With The Temenos Banking Cloud, we are putting banks in control of their business models and innovation cycles, giving them the agility and speed to build great customer products and profitable business.

“It is incredible what Virgin Money Australia has achieved in such a short timeframe. The pace of innovation reflects the passion and commitment of the Virgin Money team and shows what is possible with an agile cloud-based solution.

“We look forward to building on this success to support the digital bank in its continued evolution and with Bank of Queensland as it seeks to leverage The Temenos Banking Cloud across its retail brands.”

With Temenos, we aim to set the new standard for Australian banking-customer relationships,” said Greg Boyle, CEO, Virgin Money Australia.

“The Temenos Banking cloud makes it easier to integrate with third parties and we have an agile platform that easily scales up or down depending on business demands.

“With all the banking technology we need at our fingertips and all managed in the cloud by Temenos, we can focus our energy on what matters most - delivering the amazing digital banking experience our customers will love,” Boyle concluded.

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Peter Dinham

Peter Dinham - retired in 2020. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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