-- Challenger digital bank goes live on The Temenos Banking Cloud, creating a 
unique digital service that simplifies banking, rewards customers and helps 
them achieve their financial goals

-- Successful launch of new digital bank paves the way for a transition to The 
Temenos Banking Cloud solution for all retail brands under the Bank of 
Queensland umbrella

Temenos (SIX: TEMN), the banking software company, announced that Virgin Money 
Australia is live on The Temenos Banking Cloud, enabling the digital bank to 
innovate fast and differentiate with an ecosystem of partners to create a 
unique digital service that simplifies banking, rewards customers and helps 
them achieve their financial goals.

As part of Bank of Queensland (BOQ), the successful launch of Virgin Money on 
The Temenos Banking Cloud paves the way for other retail brands under the BOQ 
Group umbrella to transition to Temenos' cloud-based core banking platform. 
BOQ's stated long-term goal is to leverage the Temenos platform to achieve its 
overall digital transformation. With Virgin Money, BOQ and ME Bank[1] all 
operating in the cloud on a shared data architecture, the Group can accelerate 
innovation for its customers.

The Temenos Banking Cloud brings the unmatched breadth of Temenos front-to-back 
banking services, an innovation sandbox, and the most complete fintech 
Marketplace, powered by an Explainable AI-enabled engine - all through an 
easy-to-access, self-service portal.

Virgin Money has ambitions to disrupt the Australian banking market with a new 
kind of digital bank for millennials, one that embraces simplicity and rejects 
financial complexity. With Temenos, Virgin Money has created a frictionless and 
fully integrated digital banking experience, bringing together credit cards, 
transaction and savings accounts, plus a loyalty program and personal financial 
management tools in a single, native mobile app. Customers can create a new 
account in minutes and start saving or spending immediately via the app.

The Temenos Banking Cloud is a SaaS banking solution that gives Virgin Money 
Australia total control to deploy banking services that are easy to consume, 
configure and integrate with external applications. Using open APIs, the bank 
can also collaborate and extend its banking services with other fintechs and 
developers.

Today, the SaaS banking solution combines the Temenos Infinity customer 
onboarding banking service and the Temenos Transact saving accounts banking 
service. Partner applications for credit card management, payments and its 
innovative loyalty and rewards program are all connected via an API framework 
and real-time event architecture.

With a digital banking platform and integrated partner ecosystem running in the 
cloud and delivered as SaaS, Virgin Money Australia can launch products much 
faster and scale based on customer demand. The bank can also test and iterate 
products in rapid innovation cycles to deliver experiences that truly delight 
its customers.

The next phase of the digital bank is underway, which includes new products 
such as home loans and new deposit options.

Max Chuard, CEO, Temenos, said: "We are proud to partner with Virgin Money 
Australia to power its ground-breaking digital bank. With The Temenos Banking 
Cloud, we are putting banks in control of their business models and innovation 
cycles, giving them the agility and speed to build great customer products and 
profitable business. It is incredible what Virgin Money Australia has achieved 
in such a short timeframe. The pace of innovation reflects the passion and 
commitment of the Virgin Money team and shows what is possible with an agile 
cloud-based solution. We look forward to building on this success to support 
the digital bank in its continued evolution and with Bank of Queensland as it 
seeks to leverage The Temenos Banking Cloud across its retail brands."

Greg Boyle, CEO, Virgin Money Australia, said: "With Temenos, we aim to set the 
new standard for Australian banking-customer relationships. The Temenos Banking 
cloud makes it easier to integrate with third parties and we have an agile 
platform that easily scales up or down depending on business demands. With all 
the banking technology we need at our fingertips and all managed in the cloud 
by Temenos, we can focus our energy on what matters most - delivering the 
amazing digital banking experience our customers will love."

About Temenos

Temenos AG (SIX: TEMN) is the world's leader in banking software. Over 3,000 
banks across the globe, including 41 of the top 50 banks, rely on Temenos to 
process both the daily transactions and client interactions of more than 1.2 
billion banking customers. Temenos offers cloud-native, cloud-agnostic and 
AI-driven front office, core banking, payments and fund administration software 
enabling banks to deliver frictionless, omnichannel customer experiences and 
gain operational excellence.

Temenos software is proven to enable its top-performing clients to achieve 
cost-income ratios of 26.8% half the industry average and returns on equity of 
29%, three times the industry average. These clients also invest 51% of their 
IT budget on growth and innovation versus maintenance, which is double the 
industry average, proving the banks' IT investment is adding tangible value to 
their business.

For more information, please visit www.temenos.com.

[1] BOQ Group announced the acquisition of ME Bank on 22 February 2021. The 
acquisition is on track to be completed by the end of BOQ Group's financial 
year.

SOURCE: Temenos