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Temenos supports Fin5Lab, a platform to help financial industry work with fintechs

The Switzerland-based company specialising in software for banks and financial institutions, along with Cisco and Deloitte Luxembourg and other enterprises, are participating in a platform supporting faster fintech procurement.   
The platform, dubbed Fin5Lab, acts as a sandbox and seeks to help institutions in financial services work in a more effective manner with fintechs through creating a method for pre-screening fintechs, shortening procurement process. Temenos will provide its core banking system for the sandbox, with the infrastructure being delivered in a regulated ecosystem using Cisco’s servers. Deloitte Luxembourg will handle due diligence.
Part of the motivation behind the Fin5Lab endeavour is that the procurement process at financial institutions, according to Temenos, can eat up a staggering 36 months of companies’ time, from procurement to a product going live. This is also inefficient from the point of view of the fintech companies, as cash flow, resource allocation and growth all become major pain points during such a drawn-out process.

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