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World’s first BaaS credit union introduced

Oct 11, 2021

The US has over 5,000 credit unions with over 100 million members representing over $3.6 billion per year in technology spend

Temenos

World’s first BaaS credit union introduced. Source: pexels.com

Silicon Valley-based Mbanq, a BaaS provider has signed a strategic agreement with Temenos to launch a Credit-Union-as-a Service 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 digital financial services and 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.

According to the press release, many credit unions in the US are burdened by legacy systems unable to offer basic digital banking services such as digital onboarding, which emerged as a ‘must-have’ capability during the pandemic.

This way, Mbanq and Temenos are expected to offer rapid digital transformation so Credit Unions can deliver competitive financial services to their members through all touchpoints.

These capabilities will be powered by Temenos open cloud technology. The Temenos Banking Cloud, which combines Temenos Transact, Temenos Infinity and Lifecycle Management banking services, will connect via REST APIs to the Mbanq cloud platform.

Mbanq will also offer a fast-track solution based on Temenos’ technology to fintechs and e-commerce firms wishing to embed banking services. Furthermore, Temenos will offer value-added BaaS capabilities to banks such as lending, Buy Now Pay Later or credit card services through Mbanq.

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. Together with Mbanq, we can support Credit Union digital transformation, taking away the complexity of managing technology so they can focus on providing innovative banking services to members
Max Chuard, CEO, Temenos

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