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Virgin Money Australia Digital Bank Goes Live with Temenos

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On June 9, 2021, Temenos announced that Virgin Money Australia has successfully launched on The Temenos Banking Cloud, aiming to revolutionize the Australian banking market. This partnership allows Virgin Money to offer a fully integrated digital banking experience focused on millennials, featuring simplified banking services and rewards programs. The cloud platform enables quicker product launches and easier third-party integrations. Bank of Queensland (BOQ) aims to leverage this technology for its digital transformation, enhancing innovation across its retail brands.

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  • Virgin Money Australia launched on Temenos Banking Cloud, enhancing its digital banking capabilities.
  • The platform enables rapid product launches and smooth third-party integrations.
  • Temenos' clients achieve cost-income ratios of 26.8%, significantly better than the industry average.
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GENEVA, Switzerland, June 9, 2021 /PRNewswire/ -- Temenos (SIX: TEMN), the banking software company, announced that Virgin Money Australia is live on The Temenos Banking Cloud, enabling the digital bank to innovate fast and differentiate with an ecosystem of partners to create a unique digital service that simplifies banking, rewards customers and helps them achieve their financial goals.

As part of Bank of Queensland (BOQ), the successful launch of Virgin Money on The Temenos Banking Cloud paves the way for other retail brands under the BOQ Group umbrella to transition to Temenos' cloud-based core banking platform. BOQ's stated long-term goal is to leverage the Temenos platform to achieve its overall digital transformation. With Virgin Money, BOQ and ME Bank1 all operating in the cloud on a shared data architecture, the Group can accelerate innovation for its customers.

The Temenos Banking Cloud brings the unmatched breadth of Temenos front-to-back banking services, an innovation sandbox, and the most complete fintech Marketplace, powered by an Explainable AI-enabled engine - all through an easy-to-access, self-service portal.

Virgin Money has ambitions to disrupt the Australian banking market with a new kind of digital bank for millennials, one that embraces simplicity and rejects financial complexity. With Temenos, Virgin Money has created a frictionless and fully integrated digital banking experience, bringing together credit cards, transaction and savings accounts, plus a loyalty program and personal financial management tools in a single, native mobile app. Customers can create a new account in minutes and start saving or spending immediately via the app.

The Temenos Banking Cloud is a SaaS banking solution that gives Virgin Money Australia total control to deploy banking services that are easy to consume, configure and integrate with external applications. Using open APIs, the bank can also collaborate and extend its banking services with other fintechs and developers.

Today, the SaaS banking solution combines the Temenos Infinity customer onboarding banking service and the Temenos Transact saving accounts banking service. Partner applications for credit card management, payments and its innovative loyalty and rewards program are all connected via an API framework and real-time event architecture.

With a digital banking platform and integrated partner ecosystem running in the cloud and delivered as SaaS, Virgin Money Australia can launch products much faster and scale based on customer demand. The bank can also test and iterate products in rapid innovation cycles to deliver experiences that truly delight its customers.

The next phase of the digital bank is underway, which includes new products such as home loans and new deposit options.

Max Chuard, CEO, Temenos, said: "We are proud to partner with Virgin Money Australia to power its ground-breaking digital bank. With The Temenos Banking Cloud, we are putting banks in control of their business models and innovation cycles, giving them the agility and speed to build great customer products and profitable business. It is incredible what Virgin Money Australia has achieved in such a short timeframe. The pace of innovation reflects the passion and commitment of the Virgin Money team and shows what is possible with an agile cloud-based solution. We look forward to building on this success to support the digital bank in its continued evolution and with Bank of Queensland as it seeks to leverage The Temenos Banking Cloud across its retail brands."

Greg Boyle, CEO, Virgin Money Australia, said: "With Temenos, we aim to set the new standard for Australian banking-customer relationships. The Temenos Banking cloud makes it easier to integrate with third parties and we have an agile platform that easily scales up or down depending on business demands. With all the banking technology we need at our fingertips and all managed in the cloud by Temenos, we can focus our energy on what matters most - delivering the amazing digital banking experience our customers will love."

About Temenos

Temenos AG (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.

1 BOQ Group announced the acquisition of ME Bank on 22 February 2021. The acquisition is on track to be completed by the end of BOQ Group's financial year.

Cision View original content:http://www.prnewswire.com/news-releases/virgin-money-australia-digital-bank-goes-live-with-temenos-301308415.html

SOURCE Temenos

FAQ

What is Temenos' partnership with Virgin Money Australia about?

Temenos partnered with Virgin Money Australia to provide a digital banking platform on The Temenos Banking Cloud, allowing for faster innovation and a better customer experience.

When did Virgin Money Australia go live with Temenos Banking Cloud?

Virgin Money Australia went live with Temenos Banking Cloud on June 9, 2021.

How does Temenos Banking Cloud benefit Virgin Money Australia?

The Temenos Banking Cloud allows Virgin Money Australia to launch products quickly, integrate with fintech partners, and improve its digital banking services.

What is the long-term goal for Bank of Queensland regarding Temenos?

The long-term goal for Bank of Queensland is to leverage Temenos Banking Cloud for digital transformation across its retail brands.

What financial metrics does Temenos claim for its top-performing clients?

Temenos claims that its top-performing clients have cost-income ratios of 26.8% and returns on equity of 29%, both well above industry averages.
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