Australia-based digital bank Alex Bank has launched its Fixed Term Deposits in partnership with the global open platform for composable banking Temenos . Following this partnership, the Term Deposits product will be available on the Temenos Banking Cloud, after both companies collaborated to design, implement, and test the service in the last couple of months.

This launch represents the expansion of Alex Bank’s product portfolio, including its Personal Loans and Savings accounts. By using the Temenos services and solutions, the bank has the possibility to offer personal loans with applications that can be completed by customers in an easier and faster manner, Moreover, it can offer its clients savings accounts as well. The neobank received its full banking license in December 2022, and it was granted by the Australian Prudential Regulation Authority (APRA).

This allowed the financial institution to expand its product portfolio to Team Deposits and to add collateral management tools through Transact, which enabled security to be registered on personal loans. Temenos Banking Cloud offered Alex Bank the possibility to leverage an end-to-end digital banking platform, that combines Temenos’ onboarding services and channel services with its core banking solutions for retail customers and users. The straight-through processing procedure is embedded with artificial intelligence, and it was designed to automate processes and generate fast and simple user journeys while keeping their experience effective and secure.

The cloud offers provides Temenos with the capability to scale alongside Alex Bank as it reaches its targets while maintaining the needed safety and reliability. Temenos’ SaaS products provide the bank control over the deployment of its banking services that are easy to consume, configure, and integrate with external applications. Temenos’ recent partnerships and collaborations Switzerland-based company Temenos had multiple partnerships and launches in the last couple of months, covering multiple geographic areas.

In May of 2023, Pakistan-based digital bank UBL partnered with Temenos to use the latter’s digital banking platform for the digitalisation process of its banking services. Following this collaboration, the process of digitalisation was set to be applied to the bank’s retail products, small and medium-sized businesses (SMBs), as well as corporate banking solutions for domestic and international clients, all taking place on the Temenos platform. Earlier in the same month, Temenos sighed a strategic deal with Amazon Web Services (AWS) in order to provide its core banking tools as SaaS further to its application integration on AWS.

The partnership aimed to design a comprehensive offering to support banks with improved agility, as well as increased scalability, performance, and security. Temenos collaborated with IBM in the same period, aiming to offer banks the possibility to improve their core banking modernisation with a hybrid cloud service. This was set to speed up the digital transformation programmes of banks by giving security and operational efficiency to support regulatory alignments.

.