Virgin Money Australia Digital Bank Goes Live with Temenos

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.”

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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.”