Software as a Service technology by banking software company Temenos will be used to power the new FlowBank digital bank solution in Switzerland, a press release says.
FlowBank achieved its banking license in July of this year, and has planned to launch operations by the end of the year. The bank aims to serve investors who are either advanced in skill or are new and want to manage their investments by themselves.
As that is a market growing all the time, the release says FlowBank will offer a “simple, reliable” tool with Temenos Transact’s technology optimizing trading, the release says, with competitive rates and reduced IT costs allowing clients to compete with bigger rivals.
The tech will enable FlowBank to quickly launch a new service for investing intended for private and institutional investors in the Switzerland region, the release says.
FlowBank will offer a subscription model letting clients scale usage based on business demand, with Temenos offering a flexible solution to accommodate a client’s unique growth plan. One new feature will allow customers to go from a single multi-currency account and access over 50 markets, with easy, quick product launches and a pre-configured functionality removing steps from FlowBank’s workflow.
FlowBank Founder and CEO Charles-Henri Sabet said the two companies share the same values of making clients’ experiences easier.
“Temenos advanced cloud technology will enable us to launch fast and offer outstanding and reliable trading and banking experiences to our customers,” he said, according to the release. “Temenos SaaS technology will support our growth and will enable us to take on established players in the market benefit from a hyper-efficient business model and deliver more value to our investors and competitive prices.”
essDocs, a paperless trade enabler, also recently joined up with Temenos’ MarketPlace in order to boost digitization for trade and shipping documents. essDocs’ CargoDocs was integrated with Temenos Transact to allow for electronic signing of documents and other such needs.
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