Silicon Valley-based Mbanq has signed a strategic agreement with Temenos, the open cloud banking company, to launch a Credit-Union-as-a Service (CUaaS) offering and accelerate BaaS adoption across the US.
Powered by the Temenos Banking Cloud, CUaaS is offered by Mbanq’s Credit Union Service Organisation (CUSO), and is a new end-to-end service to help US Credit Unions of any size accelerate their digital transformation.
Max Chuard, CEO, Temenos, commented on the launch: “Following our strategy to accelerate the adoption of Banking-as-a-Service in Europe, we are now excited to expand in the US. With this strategic agreement with Mbanq, we are opening up a new channel to the BaaS space and are increasing our penetration in the US Credit Union market.
“Existing Temenos Credit Union clients will benefit from Credit Union-as-a Service to run their operations in a seamless and cost-effective way on modern cloud technology. Together with Mbanq, we can support Credit Union digital transformation, taking away the complexity of managing technology so they can focus on providing innovative banking services to members.”
The US currently has over 5,000 credit unions with over 100 million members representing over $3.6 billion per year in technology spend. Nonetheless, numerous credit unions are burdened by legacy systems unable to offer basic digital banking services such as digital onboarding, which emerged as a ‘must-have’ capability during the pandemic.
Vlad Lounegov, CEO, Mbanq, added: “We are delighted to partner with Temenos, the market-leading banking technology provider. Powered by The Temenos Banking Cloud, Mbanq takes to market a Credit Union-as-a-Service offering that automates every operational requirement a modern Credit Union needs. This game-changing partnership will drive our company’s growth and help regulated and unregulated entities transform their offerings, technology and customer experiences in the digital post-pandemic world.”