GENEVA, Switzerland – October 21, 2020 – Temenos (SIX: TEMN), the banking software company, today announced that it is a winner of the 2020 IDC FinTech Rankings Real Results Award for Lending Transformation. Temenos won the award for delivering a digital loan application portal to implement the US Government’s Paycheck Protection Program (PPP) at Atlantic Union Bank, in just four days.
Atlantic Union Bank used SaaS-based Temenos Infinity to approve more than 11,600 applications, totaling $1.65 billion small business funds as part of the forgivable loan program.
Kelly Dakin, Chief Digital and Customer Experience Officer, Atlantic Union Bank, said:
“From the outset of the pandemic, we made PPP our top priority. We realized early on that these funds were critical to helping our business customers face once unimaginable economic challenges and keep their employees paid. Working with the team at Temenos, we were able to build a brand new digital loan portal specifically for the PPP in less than a week. We’re excited about the award from IDC, which recognizes the effort and collaboration between our two teams and, more importantly, our shared goal of helping our customers in their time of need.”
Alexa Guenoun, President, Americas and Global Head of Partners, Temenos, added:
“Since the start of the pandemic, we’ve supported our clients’ efforts who in turn are assisting their customers, small businesses, their employees and communities. We are particularly proud of the project with Atlantic Union Bank, where our teams worked night and day together to deliver the project in days rather than months. With our innovative cloud technology, we gave Atlantic Union Bank the agility to respond to the new government program and process loan applications, and support small businesses and their employees. I am pleased to see those efforts get the external recognition they deserve.”
Temenos leveraged its Temenos Infinity SaaS product to enable banks and credit unions to rapidly process loan applications from small businesses under the US government’s PPP during the pandemic. Temenos was able to deliver a specific PPP digital loan application solution with integrated processing workflows in 4 days. This enabled small businesses to apply for funding digitally, without human assistance from the bank, and it included built-in quality controls to ensure that mandatory fields were filled to eliminate the need for the loan application to be reworked and delay processing. Furthermore, Temenos Infinity now includes additional functionality for SMEs such as automating decisioning options through its Explainable AI (XAI) platform, which enables banks to explain in plain language to their customers and regulators how AI-based decisions are taken.
Jerry Silva, Vice President at IDC Financial Insights, said:
“We are delighted to recognize Temenos for their winning project at Atlantic Union Bank as part of the IDC FinTech Rankings Real Results Awards. The IDC FinTech Rankings Real Results program award recognizes IT providers that have showed genuine, measurable, and future-enabling change to financial services institutions globally.”
The IDC FinTech Rankings Real Results program is part of the broader IDC FinTech Rankings program that categorizes and evaluates the top global providers of financial technology based on calendar year revenues from financial institutions for hardware, software and/or services. The annual IDC FinTech Rankings and Real Results Awards have become an important measure of the health and direction of technology in the industry and the emergence of innovative solutions from new and established players.