Temenos (SIX: TEMN) announces that Optimus Cards, the white label card and banking-as-a-service provider, has subscribed to Temenos open platform for composable banking to support the expansion of its cards-as-a-service business. Temenos will help the U.K. headquartered EMI (Electronic-Money Institution) launch new products faster and scale efficiently as it expands into new markets.
Regulated by the FCA and a Principal Member of Mastercard, Optimus acts as a primary card issuer and program manager. The firm serves customers in the fintech and mutual sectors, offering a sophisticated platform that supports Apple Pay, Google Pay, open banking, as well as contactless and virtual cards, IBANs, UK sort-code and accounts, plus ‘cardless’ cash withdrawal.
As part of Uphold, the global multi-asset digital trading platform with over 10 million users, Optimus has expansive growth plans. It is launching new white-label credit card and multi-asset crypto-enabled debit card services and partnering with local regulated issuers in Europe and the U.S. to expand its footprint and tap new growth opportunities.
The Temenos banking platform will process all transactions and manage customer accounts, and Optimus will also compose a lending solution to support its new credit card service. The platform connects in real-time via APIs to Optimus clients’ back-office systems to facilitate instant authorization from the customer’s account or crypto wallet.
Lindsay Robertson, CEO, Optimus Cards, commented: “Our strategy is based on innovation, speed and flexibility, providing solutions to mutual institutions like credit unions and building societies, and to innovative fintechs bringing Web 3 services to the market. The economics of our offering enables customers of all sizes to offer card services profitably, and that requires a high-performance technology stack. Optimus chose Temenos for the platform’s proven reliability and resilience, and the flexibility to compose solutions for a broader range of Banking-as-a-Service offerings in the future. With a client base that includes more than 3,000 banking clients and 500 credit unions in the U.S., Temenos also has a huge customer ecosystem and experience that will be invaluable as we push into new markets.”
Max Chuard, CEO, Temenos, said: “Banking-as-a-Service is a massive growth opportunity for innovative companies like Optimus Cards, estimated to be worth $3.6 trillion globally by 2030. To be successful with these new business models, you need the right technology and platform for agility, scale and innovation. Choosing Temenos open platform for composable banking will allow Optimus to serve its customers at a lower cost while providing the flexibility and agility to expand its portfolio of embedded financial cards and payment solutions in the future.”
The agreement was signed at Temenos Community Forum 2022 in London, Temenos’ global gathering of more than 1,500 banks, fintechs, BaaS players and partners.
About Temenos
Temenos (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic, and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.temenos.com.