Bank technology firm Temenos is enhancing its existing offering for bank clients that add corporate cash flow management.
Reports in IBS Intelligence on Wednesday (Oct. 24) said Temenos added the cash management functionality to its suite of solutions for banks to provide their corporate clients. The new feature, called Hybrid Pooling, allows banks to provide their business clients with cash and liquidity management facilities for enhanced visibility and management of virtual, off-balance sheets accounts.
Corporates can pool their funds across entities and across currencies for a more holistic view of finances, reports noted, adding that Temenos announced the new tool at the SIBOS 2018 conference held in Sydney, Australia, with solutions available for banks via cloud-based or in-house infrastructure.
In a statement, Temenos product strategy director Adrian Hadley said that the company has been focused on research and development in the banking technology space to enhance corporate banking, particularly as its client base expands to include challenger banks.
Last month Temenos revealed it would be collaborating with Praxia Bank, the first challenger bank in operation in Greece, to provide small business with consumer lending solutions and products. At the time, Temeons said the collaboration would help the company broaden its loan portfolio as it targets $4.65 billion in financing by 2022.
“This new functionality will help banks to enter the new era of corporate banking, providing a fundamentally better proposition to their clients in the area of cash pooling whilst also enabling a greater degree of self-service by corporate treasurers and thereby improving the attractiveness of their offering,” he stated.
In April, Temenos secured a contract to power telecommunications firm Telia’s digital banking operations in Switzerland as it looked to broaden retail financial services, including lending and leasing products. The company has also looked to take advantage of increasing efforts to encourage bank switching, particularly among consumers and small business clients, by linking financial institutions with more competitive products like faster payment capabilities. The company published research last year that found 80 percent of corporates that lack real-time payment infrastructure are considering switching their banks.