Alex, Australia’s latest digital financial institution, has gone dwell on Temenos and its Banking Cloud product.
The Brisbane-based challenger was granted a restricted banking licence by the Australian Prudential Regulation Authority (APRA) final month.
Alex CEO, Simon Beitz, says Temenos’ AI-driven platform “supplies the right basis” for the agency because it seems to scale and construct out its product portfolio.
Based in 2018, Alex has thus far largely been working as a neolender, providing on-line private loans.
Temenos’ tech has already supported the financial institution to course of nearly 10,000 mortgage functions within the final six months.
The banking know-how firm says its Software program-as-a-Service (SaaS) digital banking platform will permit Alex to simplify and automate its mortgage software processes and supply improved buyer credit score choices.
Banking Cloud combines the Temenos Infinity onboarding and channels companies and the Temenos Transact retail lending banking service.
With its new banking licence, Alex will now look to utilise Banking Cloud to develop the scope of its companies from private lending to deposits.
Temenos provides its packaged banking companies may also allow “the short launch of Alex’s financial savings enterprise line”.
Alex is aiming to qualify and apply for a full ADI licence from APRA to have the ability to supply a full suite of digital banking companies.