FinTech: Virgin Money Australia, A Digital Bank, Goes Live On Temenos Cloud

June 14, 2021 | FinTech, News

Virgin Money targets millennials with a fully integrated digital banking experience.

Temenos (SIX: TEMN), a global leader in banking software, announced the successful launch of Virgin Money Australia on the Temenos Banking Cloud. Fully integrated digital banking, bringing together credit cards, transaction and savings accounts, plus a loyalty program and personal financial management tools into a single, native mobile app, is now available to Virgin Money customers. (CISION PRNewswire)

Virgin Money Australia

The Bank of Queensland (ASX: BOQ), a leading Australian regional bank, acquired Virgin Money Australia in 2013 and it operates as a standalone business within the BOQ Group.

Virgin Money has a mission to disrupt Australian banking by offering to millennials a fully digital, challenger bank where they can open a new account in minutes and start saving or spending immediately via the app.

The Temenos Banking Cloud brings “front-to-back banking services, an innovation sandbox, and the most complete fintech marketplace, powered by an Explainable AI-enabled engine,” the software company said in a statement, all through an easy-to-access, self-service portal.

Temenos cloud banking is offered as a SaaS service that Virgin Money can leverage to launch products much faster and scale them up based on customer demand.

Virgin Money can now 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.

Bank of Queensland (BOQ Group)

Virgin Money’s debut on Temenos Cloud’s core banking platform means that the BOQ Group can now accelerate its avowed plans to go digital and transition its other retail brands to Temenos.

Virgin Money, BOQ and ME Bank can therefore, all operate in the cloud on a shared data architecture.

Related Story:  Indonesian Bank Jago To Implement Mambu’s SaaS Banking In The Google Cloud

Image: Gold Coast Beach, Queensland, Australia                                                  

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