Rakuten Europe Bank partners with Temenos to take banking to the cloud

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Rakuten Europe Bank – part of the Rakuten software 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, it is hoped 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 analyse 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.

Toshihiko Otsuka, CEO, Rakuten Europe Bank, said: “The move to the Temenos Banking Cloud is an important milestone for Rakuten Europe Bank in its ongoing expansion in Europe. It provides the flexibility we need to scale and extend our banking services. Ultimately, our aim is to deliver more value and innovation to enhance the experience for our members in the region.”

Max Chuard, CEO, Temenos, said: “We are delighted to welcome Rakuten Europe Bank to the Temenos Banking Cloud. At Temenos, we share Rakuten’s passion for innovation and are excited to support them achieve their ambitions goals. With a global ecosystem of more than 1.6 billion members, Rakuten understands the power of data to empower society. On Temenos Banking Cloud, the bank will have unmatched agility and scalability to enhance its banking capability and member experience.”

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.

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Tags: banking, Rakuten