Australian digital bank Alex goes live on Temenos Banking Cloud

Temenos, the banking software company, announced that Australia’s newest digital bank, Alex, has gone live on The Temenos Banking Cloud. Temenos technology powers Alex’s launch as a licensed bank, following the acquisition of its Restricted-Authorized Deposit-Taking Institution (RADI) license from the Australian Prudential Regulation Authority (APRA) earlier this month.

The new digital bank was built on The Temenos Banking Cloud to disrupt the Australian retail banking market with fast, simple, fairer and more human banking to address the digital preferences of millennial and gen-Z consumers. With Temenos’ SaaS technology, Alex has created a hyper-efficient cost structure that enables the bank to offer better consumer credit options, like fast, competitive loans with no upfront, ongoing or hidden fees.

Read more: IBS Intelligence