Swiss digital investment bank FlowBank has selected Ripple partner and banking software firm Temenos to run its infrastructure.
According to an Oct. 12 announcement, FlowBank will leverage Temenos’ Transact tool suite to power its banking services. The suite—previously known as T24—has been leveraging Ripple’s RippleNet payments network to offer cheap, real-time international bank settlements for about four years now.
FlowBank will offer online banking, trading services, credit cards and investment, all manageable through a mobile application and a dedicated trading platform.
Now, through its partnership with Temenos, FlowBank will also leverage Ripple’s blockchain for its interbank settlements.
Flowbank founder and CEO Charles-Henri Sabet said the Temenos SaaS tool suite will allow the bank to launch quickly and that its “technology will support our growth and will enable us to take on established players in the market, benefit from a hyper-efficient business model and deliver more value to our investors and competitive prices.”
Temenos will allow FlowBank to offer its customers a single multi-currency bank account and access over 50 financial markets. Furthermore, the bank claims that the tool suite will also enable it to “launch personalized products at a fraction of the time and differentiate the customer experience.”
FlowBank secured its banking license from the Swiss Financial Market Supervisory Authority (FINMA) in July and plans to launch its services by the end of the year. The firm aims to accommodate the needs of both new and experienced investors by offering a simple but reliable investment experience. Deposits held at the bank are insured up to 100,000 Swiss francs.
As Modern Consensus reported at the beginning of September, Japan’s Higo Bank joined RippleNet-based payments app MoneyTap.
Disclosure: Modern Consensus founder Ken Kurson sits on the board of Ripple.