Australasia Challenger Banks

Digital Bank Virgin Money Australia Goes Live On Temenos Banking Cloud

Banking software company Temenos has revealed that Virgin Money Australia is live on The Temenos Banking Cloud. Their partnership ensures the digital bank can reward customers and help them achieve their financial goals.

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

With Temenos, Virgin Money brings together credit cards, transaction and savings accounts, plus a loyalty programme 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 next phase of the digital bank is underway, which includes new products such as home loans and new deposit options. The launch of Virgin Money on the Temenos Banking Cloud also paves the way for other retail brands under the Bank of Queensland Group umbrella to transition to Temenos’ cloud-based core banking platform.


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.

“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.”

While, 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.”

The Temenos Banking Cloud brings Temenos front-to-back banking services, an innovation sandbox a fintech marketplace, powered by an AI-enabled engine – all through a self-service portal. 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.


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