Temenos teams with AUC Venture Lab in Egypt
The Venture Lab at The American University in Cairo (AUC Venture Lab) and Temenos have teamed up to make money and cuddle up to start-ups in Egypt.
Temenos looking to get more action for its T24 core banking system
Via the deal, Temenos is looking to get more action for its T24 core banking system and will give start-ups access to it for their development environments.
Ayman Ismail, director of AUC Venture Lab, says: “We understand the technological challenges that fintech startups face. Our partnership with Temenos responds to this challenge by offering our start-ups an exclusive opportunity to build their products on the Temenos platform and to accelerate their development cycle. This contributes to faster roll-out of new innovative products and services to the Egyptian market.”
A “key aspect” of the collaboration will see Temenos provide a sandbox service to the start-ups using the accelerator.
This sandbox, a non-production cloud-based version of T24, will enable start-ups to integrate their solutions with banking data and functionality.
It will also allow them to plug into the 11 financial institutions in Egypt using T24. Some of these include Banque du Caire, a state-owned bank, and Housing and Development Bank (HDB).
Beyond the land of the pyramids
Away from Egypt, T24 has been getting plenty of traction recently.
A new US-based challenger bank, Grasshopper, sprung up in New York.
It is understood that the bank is the rebranding of New York Venture Bank, which is currently going through the banking application.
The bank has already selected a new core banking system – T24. FinTech Futures contacted Temenos and, while it didn’t provide a comment with specifics, it did refer to Grasshopper Bank as a “client”.
Also, in an exclusive report, US-based Varo Money, which is awaiting a banking licence, has selected T24 core banking system, it is believed.
The Banking Technology Awards 2018 are now open to entries! Click here to apply.
