Banking software company Temenos, banking-as-a-service (BaaS) provider Vodeno and digital bank Aion Bank have formed a strategic alliance to accelerate the adoption of BaaS across Europe, where it is estimated the BaaS market is worth $3 billion.
The first banking services to be launched through the collaboration will combine the Temenos ‘Banking Cloud’ with Vodeno’s card management and payment processing services, with the aim to help banks and businesses across industries to broaden product portfolio, by automating and embedding new payments and card services in their customer journeys.
The Temenos Banking Cloud blends Temenos Transact and Temenos Infinity banking services, which will connect via REST APIs to the Vodeno cloud platform.
Clients will be able to instantly issue digital debit and credit cards for retail and business banking customers as a result of the strategic alliance.
Aion Bank and Vodeno are both backed by the global growth investor Warburg Pincus, while Temenos and Vodeno are already engaged in several proof of concepts with banks and fintechs across Europe.
Temenos CEO Max Chuard said: “Working with Vodeno and Aion Bank, we offer an open cloud banking platform designed for business agility and massive scale to banks, fintechs and established brands that wish to offer embedded financial services and drive ultimate customer experiences.
“We chose Vodeno and Aion Bank to establish this new channel to market for Temenos, which will help us capture the BaaS market opportunity in Europe.”
Chuard added that the Temenos Banking Cloud combined with Vodeno’s technology and Aion Bank’s proposition will help banks and non-banks to create, deploy, consume and monetise new banking services.
“Through this strategic collaboration with Temenos and Aion Bank, we will offer banks, fintechs and brands the richest BaaS proposition in the market,” said Wojciech Sobieraj, CEO of Vodeno.
“Simply put, the ease in which we can integrate cards and domestic payments, as well as other banking services, will power digital transformation to the next level in Europe.”
On 1 August, Aion Bank and Vodeno underwent some organisational changes, with Sobieraj transitioning to become CEO of Vodeno. He remains on the board of directors of Aion Bank as non-executive director.
Mirek Forystek, former CEO of Vodeno, moved to the role of chief technology officer and deputy CEO of Vodeno, while Aion Bank’s chief commercial officer Wojciech Sass was named the new CEO of Aion Bank.