Temenos, the banking software company, announced that Rakuten Europe Bank – part of the Rakuten group, a unique ecosystem of 70+ businesses and over 1.6 billion members worldwide – has signed with Temenos to deliver banking services including Rakuten Pay on the Temenos Banking Cloud. Powered by Temenos open platform, Rakuten Europe Bank will accelerate its growth across Europe. The move to Temenos open platform for composable banking will allow Rakuten Europe Bank to continue to enhance the member experience, speed the development of new products, and enter new markets. It also provides massive scalability for the bank to analyze the enormous volumes of data generated every minute by member activity to improve the online experience of all members. Temenos Banking Cloud provides a resilient, secure, and fully compliant service to power Rakuten Europe Bank in Luxembourg, one of the most tightly regulated banking markets in Europe. The implementation for Rakuten Europe Bank will include pre-composed Temenos Banking Services for Payments and Accounts.
Temenos Banking Cloud delivers an open and secure cloud-native platform for composing, extending and deploying banking capabilities at scale. Composed Temenos Banking Services consist of pre-configured and pre-assembled Temenos Banking Capabilities plus optional integrated third-party solutions from the Temenos Exchange. This helps banks and non-banks to bring innovative products to market faster to meet growing customer expectations while reducing the cost of development. Temenos recently announced new Temenos Banking Services, including Buy Now, Pay Later, Retail Lending, Payment Fraud Mitigation, and KYC Customer Risk Assessment.