GENEVA, Switzerland – October 10, 2019 – Temenos (SIX: TEMN), the banking software company, today announced that Laskaris Finance Limited (Laskaris), a company which is in the process of applying for a banking license with the ECB and MFSA, has selected Temenos as its strategic technology partner. Temenos T24 Transact, the next generation in core banking, will give this upcoming bank the agility required to launch in the shortest timeframe, while maintaining the highest regulatory standards. As part of this partnership, Laskaris will also use Temenos’s award-winning product, Temenos Financial Crime Mitigation (‘FCM’), as the bank’s screening tool against financial crime. Laskaris’ objective is to be a ‘one-stop-shop’ for high-net-worth individuals and corporations by providing an all-inclusive banking experience where their personal and commercial banking needs are addressed. Once granted a banking license, Laskaris will offer a suite of services to its private and corporate banking clients.
Across the globe, the industry is seeing a wave of neobanks and fintech companies launching to challenge the status quo and meet consumer and business needs in innovative ways. Temenos continues to be the strategic technology provider of choice for challenger banks preparing to launch, such as AlbaCo, Varo Money and Praxia, as well as those that are now live including Volt Bank, Judo Bank and Grasshopper Bank. Temenos’ cloud-native packaged software allows such challenger banks to go live in record time, scale fast, and quickly bring new products to market.
Malta has gained recognition as a world-class economic center, attracting key players in the international financial services field. In the 2017-2018 Global Competitiveness Report issued by the World Economic Forum, Malta was ranked in the top 20 financial service jurisdictions, with the soundness of banking institutions being ranked in the top tier from 138 nations.
In order to further position itself for success, Laskaris required a state-of-the-art digital core banking platform and a vendor with local market expertise. Temenos’ model bank approach will allow the Bank to launch in record time, with functionality pre-configured to meet the regulations and requirements of the EU market.
Malta has implemented a comprehensive regime that regulates the provision of financial services, complemented by a favorable legal and regulatory framework. The country’s expanding economy and influx of foreign interest, especially in the field of fintech, has led to a growing demand for banks that are nimble and can adjust to a constantly changing environment. By taking advantage of Malta’s forward-thinking regulations and Temenos’ revolutionary cloud technology, Laskaris will break down barriers through innovation, allowing it to deliver a seamless and exclusive customer experience, built on trust and efficiency.
Temenos T24 Transact will provide the foundation of Laskaris’ digital banking ecosystem, supporting areas key to the launch including risk management, compliance, customer relationship management, and reporting. With its core banking system hosted in a private cloud environment, Laskaris will be able to take full advantage of the cloud-native capabilities of Temenos T24 Transact, enabling the proposed bank to easily scale as it grows in size and product offerings.
Roderick Psaila, Founder and CEO at Laskaris Finance Limited, commented:
“Laskaris needed a technology partner that understands the nuances of the market, and would allow it to swiftly respond to advancements in technology, and thereby to innovate over current banking practices. Temenos, with its strong regional footprint in Malta, has continued to invest 20% of its revenue into R&D, enabling it to deliver a cloud-native, cloud-agnostic banking software. Temenos was clearly the technology partner of choice for Laskaris. The agile core banking platform will enable us to quickly deliver new and innovative financial products and services to a demanding and sophisticated clientele. Laskaris accepts the responsibility of challenging the status quo in banking – naturally within the parameters set by the local and EU regulators – simply because clients deserve to be provided with a superior array of banking services.”
Steen Jensen, Managing Director – Europe, Temenos, said:
“We are thrilled to partner with Laskaris as starts its journey to become an innovative and versatile bank. We are excited to see the growing list of challenger banks in Europe and globally choosing Temenos as the most advanced digital banking platform in the marketplace which will enable them to launch in record time. Our work with Laskaris and being part of its journey to become a challenger bank further demonstrates that Temenos offers the most advanced technology for banks looking to push the limits of traditional banking and reinvent what banking looks like. The signing makes Laskaris the tenth client for Temenos in Malta, among the likes of Truevo and Credorax, a testimony to our local expertise and growing footprint on the island. Temenos’ proven cloud-native, cloud-agnostic banking software will enable Laskaris to develop innovative product offerings and increase the future bank’s speed-to-market. We look forward to partnering with Laskaris on this exciting launch.”