Mbanq uses Temenos Banking Cloud to offer cost-effective, scalable fintech solutions at speed

Fintech Mbanq wanted to enhance its banking services portfolio for its customer base and further accelerate the availability and speed at which it could deliver new banking capabilities and financial services. To this end, Mbanq approached Microsoft partner Temenos, one of the world leaders in open platforms for composable banking. Temenos had an established reputation in serving more than 3,000 banks in more than 150 countries and providing state-of-the-art banking services and customer experiences, which Mbanq used to elevate its offering and strategy.

Using the open cloud-native platform provided by Temenos and built on Microsoft, Mbanq can deliver cost-effective software as a service (SaaS) solutions at speed. Mbanq used Temenos to bring banking services to a broad range of clients and to further accelerate the availability of new services for its growing customer portfolio. 

Choosing a collaborator to innovate financial services

With a global presence, United States–based Mbanq provides SaaS solutions for banks, credit unions, and nonfinancial institutions alike to help them launch digital financial products and services. The company innovates to create and operate modern, scalable digital financial technology with banking applications for customers in the United States, Europe, and Asia. It combines this technology with a full package of compliance and regulatory services solutions. “Our richly layered services portfolio provides other organizations with the tools that they need to revolutionize customer service and engagement through digital finance,” says Vlad Lounegov, CEO of Mbanq. “We have built an entire technology and regulatory fintech ecosystem that includes SaaS solutions for banking, credit unions, dispute resolution, and collections and recovery, as well as full regulatory and compliance support.”

Mbanq chose Temenos as a collaborator in developing its cost-effective services because Temenos was forward looking, open to innovation, and committed to delivering a competitive solution. “You grow through partnerships, and we felt that Temenos aligned with our goals for both a relationship and technology,” says Lounegov.

At the start of the relationship, the Temenos team worked to fully understand Mbanq’s existing solutions and the challenges that were preventing the company from scaling its business and market share. “With Mbanq’s volumes going through the roof, we spent a lot of time with Temenos to make sure that we had the same picture of success so that Mbanq could deliver the right functionality to all of our clients,” says Lounegov. 

Transforming service delivery with Temenos, using a scalable, secure foundation on Microsoft Azure

Mbanq covers many different markets, so it was important to the company to have embedded financial capabilities that could deliver seamless fintech services at scale. “The importance of reliable, secure, and scalable technology for our business cannot be understated,” says Lounegov. Once the Temenos team had gained a richer understanding of Mbanq’s pain points and bottlenecks, the team could design and deliver a relevant, seamlessly integrated solution that tailored the levels of service to Mbanq’s needs.

Temenos provided its Temenos Banking Cloud—a platform that Mbanq can use to design, test, and deliver rich banking capabilities to meet its users’ expectations. Built on Microsoft Azure, the Temenos Banking Cloud can achieve the levels of stability and scale that Mbanq’s customers want. “The solution provides speed and service reliability so that Mbanq can keep up with thousands of financial transactions a minute, and its flexibility facilitates the rapid development and testing of solutions and applications on demand,” says Corey Bowlby, Head of Cloud Americas and SaaS at Temenos. Using this cloud technology, Mbanq can scale up these capabilities individually so that it and its clients only need to pay for what they use.

Finance is a highly regulated industry, and Mbanq provides a variety of complex and essential services that require absolute compliance and security. Using the Temenos Banking Cloud with the secure and robust cloud infrastructure of Microsoft as a foundation, Temenos can help Mbanq meet its own regulatory and compliance requirements and those of its clients. And using Microsoft tools and services, Temenos can seamlessly collaborate with developers and clients and provide a vast array of composable banking capabilities that empower Mbanq’s digital service provision to its customers. “The agility of the Azure foundation means that Mbanq can pivot to meet the ever-changing compliance landscape,” says Bowlby. 

Redefining digital innovation

For Mbanq, composable banking is the future. It provides customers with choice and revitalizes its services, back-end systems, and processes on demand. And it does so at a competitive price point with flexibility, facilitating smoother transitioning, faster deployments, and seamless integration. “We’ve been able to create an array of services that really fit within our market,” says Lounegov. “Right now, we’re developing a range of financial crime management suites that will be an excellent addition to our collaboration with Temenos.”

Since implementing the SaaS solution, Mbanq has enjoyed a thriving relationship with Temenos that has facilitated rich cloud-based capabilities and consistently evolving innovation and service offerings. Mbanq has delivered services to market faster and benefits from ongoing development at speed. “From our view, this relationship has been a win,” says Lounegov. “We adapt our offerings at speed and scale, and the Temenos platform is orchestrated in such a way that all parts work well with each other.”