Swiss banking software firm Temenos is partnering with London accounting API startup Codat, Temenos announced on Friday (Jan. 24).
“I am very pleased to welcome Codat to the Temenos community. Temenos MarketPlace continues to provide the most innovative and diverse FinTech ecosystem, with solutions spanning digital engagement, risk and compliance, customer servicing and payments, among others,” said Paul Roberts, marketplace and development community director at Temenos.
He added that its corporate customers will see the advantages of this “out-of-the-box integration,” which will offer “immediate efficiencies for [small business (SMB)] clients,” while offering the transparent data that “banks need to be more proactive in identifying business needs, and delivering services to help support and drive their clients’ business growth.”
The partnership is intended to bring benefits to both banks and their business clients by sharing data. With continued collaboration with FinTech providers like Codat, Temenos said it can give its customers satisfaction.
“The financial and business data ecosystem is growing into a huge network of data sources, with financial institutions and software providers becoming not just consumers, but sources of data themselves, as the need for integrations grows,” said Peter Lord, CEO of Codat. “Integration with accounting platforms is seen as an essential feature of commercial banking products by [SMBs]. By offering Codat’s capability on Temenos MarketPlace, Temenos is helping banks to be better-positioned to both retain and attract new customers.”
Temenos will leverage Codat’s functions to magnify its business banking contribution.
“Codat is a great complement to our business banking solution,” said Steve Scott, senior product manager of business and corporate banking at Temenos. He added that the firm’s research indicates that small businesses “expect their banks to understand them better, and provide timely and specific advice. By integrating with their customers’ accounting software, our clients will deepen their relationships with [SMB’s] through greater insight into their business activities.”
Temenos also acquired Kony, a digital banking Software-as-a-Solution (SaaS) company, in August for $559 million.
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