Italy’s newest challenger bank Flowe goes live with Temenos
Banca Mediolanum Group’s digital bank, Flowe has announced that the challenger bank has gone live with Temenos Transact, core banking and AI-powered Financial Crime Mitigation (FCM), delivered as SaaS.
Flowe leveraged Temenos Transact core banking technology to launch, aiming to disrupt the market with sustainable and ethical financial services. The digital bank provides user friendly mobile banking experiences and aims to be more eco-friendly than traditional banks. Temenos SaaS technology helped the company in gaining the agility required to bring new products to market and offer the personalized experiences that customers need.
Flowe expects to utilize Temenos SaaS combined with the unique ability of the underlying technologies of Temenos Transact to launch new products with reduced time to market and differentiate the customer experience.
Flowe provides account with an Italian IBAN without monthly fees and with the Fun account. ATM withdrawals in the Eurozone are free, and the maximum account balance is €10,000. Flowe cards are made from wood that comes from certified forests, and it supports reforestation in Guatemala, reduces and offsets CO2 emissions and supports local families. The bank encourages social wellbeing and builds community by enabling users to share expenses.
The challenger bank is naturally paperless in its operations and offers facial recognition onboarding. Temenos’ API-first technology allows Flowe to reduce deployment time and costs as well as connect to third parties easily. Flowe has created a hyper efficient business model based on Temenos SaaS technology, which enables Flowe to pass on the benefits to its customers.