Temenos (SIX: TEMN) announces that Optimus Cards, the white-label card and banking-as-a-service provider, has signed up to the Temenos open platform for composable banking to support the expansion of its cards business as a service. Temenos will help the UK-based Electronic-Money Institution (EMI) launch new products faster and scale efficiently as it expands into new markets.
FCA regulated and principal member of Mastercard, Optimus acts as the primary card issuer and program manager. The company serves clients in the fintech and mutual sectors, offering a sophisticated platform that supports Apple Pay, Google Pay, open banking, as well as contactless and virtual cards, IBANs, sort codes and UK accounts, as well as ‘cardless’ cash withdrawal.
As part of Uphold, the global multi-asset digital trading platform with over 10 million users, Optimus has extensive growth plans. It is launching new white-label credit card and multi-asset crypto debit card services and is partnering with regulated local issuers in Europe and the United States to expand its footprint and tap into new growth opportunities.
The Temenos banking platform will process all transactions and manage customer accounts, and Optimus will also compose a lending solution to support its new credit card service. The platform connects in real-time via APIs to Optimus customers’ back-office systems to facilitate instant authorization from the customer’s account or crypto wallet.
Lindsay Robertson, CEO of Optimus Cards, said: “Our strategy is based on innovation, speed and flexibility, providing solutions to mutual institutions such as credit unions and building societies, and fintechs. innovative that offer Web 3 services on the market. The economics of our offering enable customers of all sizes to offer card services profitably, which requires a capable technology stack. Optimus chose Temenos for the platform’s proven reliability and resiliency, as well as the flexibility to compose solutions for a wider range of banking-as-a-service offerings in the future. With a customer base that includes more than 3,000 banking customers and 500 credit unions in the United States, Temenos also has an extensive customer ecosystem and experience that will be invaluable as we enter new markets.
Max Chuard, CEO of Temenos, said, “Banking as a service is a massive growth opportunity for innovative companies like Optimus Cards, which is estimated to be worth $3.6 trillion globally by 2030. To succeed with these new business models, you need the right technology and the right platform for agility, scale, and innovation. Choosing the Temenos open platform for composable banking will allow Optimus to cost-effectively serve its customers while providing the flexibility and agility to expand its portfolio of integrated financial cards and payment solutions across the board. coming.
The deal was signed at the Temenos Community Forum 2022 in London, Temenos’ global gathering of more than 1,500 banks, fintechs, BaaS players and partners.
Temenos (SIX: TEMN) is the world leader in banking software. More than 3,000 banks worldwide, including 41 of the top 50 banks, trust Temenos to handle both day-to-day transactions and customer interactions for more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-independent and AI-powered front office, core banking, payment and fund administration software, enabling banks to deliver seamless omnichannel customer experiences and reach operational excellence.
Temenos software has been proven to enable its top performing customers to achieve cost-to-income ratios of 26.8%, half the industry average, and returns on equity of 29%, three times the industry average. These customers also invest 51% of their IT budget in growth and innovation versus maintenance, twice the industry average, proving that banks’ IT investment adds tangible value to their business.
For more information, visit www.temenos.com.