Silicon Valley-based Mbanq, a Banking-as-a-Service (BaaS) provider, has announced it has signed a strategic agreement with Temenos, the open cloud banking company, to launch a Credit-Union-as-a Service (CUaaS) offering and to accelerate BaaS adoption across the US.
CUaaS is offered by Mbanq’s Credit Union Service Organization (CUSO) and will be powered by The Temenos Banking Cloud. This solution is a new end-to-end comprehensive service to help US credit unions of any size accelerate their Digital Transformation and deliver innovative digital financial services and outstanding experiences to members.
Mbanq’s CUaaS combines Temenos’ modern cloud technology with operations, legal compliance and financial services solutions, wrapped into a single credit union ecosystem.
The two companies are already engaged in customer acquisition and proof of concepts in the US with credit unions.
Max Chuard, CEO, Temenos, said: “Following our strategy to accelerate the adoption of Banking-As-a-Service in Europe, we are now excited to expand in the US. With this strategic agreement with Mbanq, we are opening up a new channel to the BaaS space and are increasing our penetration in the US credit union market.
“Existing Temenos credit union clients will benefit from Credit Union-as-a Service to run their operations in a seamless and cost-effective way on modern cloud technology.”