Temenos has confirmed that it will provide cloud banking technology for Battle Financial’s upcoming challenger Battle Bank.
Pending regulatory approval and expected to launch in H2 2022, Battle Bank has promised to provide customers opportunities in FDIC-insured foreign currency and market index deposits, as well as the ability to acquire, store, and borrow against non-FDIC-insured precious metals.
By doing so, the challenger bank is planning to bring innovations where traditional banking is lacking, according to President and Board Member of Battle Financial Frank Trotter.
“We’ve created Battle Bank to fill a widening gap in the traditional banking landscape – to offer high-yield interest accounts coupled with access to the world markets,” Trotter said.
“To make that vision a reality, we need technology that is fast, open, and scalable as we continue to grow our offerings. This partnership with Temenos will provide exactly that, making our clients’ experience as seamless and efficient as possible.”
The Temenos pre-composed banking services are set to provide a head start for Battle Bank’s foreign currency, market-index, and precious metal products, enabling for a quick roll out with targeted cost efficiency.
Vincent Amato, Chief Operations Officer of Battle Financial, commented: “We are building Battle Bank to offer exceptional banking values and unique investing offerings. With Temenos, we know that it’s possible to launch fast and scale quickly.
“The unprecedented breadth, depth and scale of the platform’s modular banking capabilities creates opportunities for our customers to prosper through a diversification of financial holdings with us.”
Temenos CEO Max Chuard shared that he expects the partnership to ‘challenge’ how customers think of investing.
“At Temenos, we have a vision to power a world of banking that opens opportunities for people to achieve their ambitions,” said Chuard. “We are delighted that Battle Financial will use the Temenos Banking Cloud to launch fast and deliver on its mission to help its clients take control of their financial future and build their wealth.
“Temenos Banking Cloud is the platform of choice for challenger banks worldwide, and this signing with Battle Financial continues our strong growth and customer success in the US market.
“Temenos’ cloud platform will pave the way for innovation, empowering the bank to deliver new products that challenge how we think of investing and offer seamless experiences to customers,” the CEO concluded.
