Banking tech specialist Temenos, along with Cisco and Deloitte Luxemburg, is among a group of companies setting up a due diligence, connectivity, and testing platform to help financial firms work more effectively with fintech challengers. The initiative, titled Fin5Lab, aims to create a common standard for pre-evaluation of fintech products and services, enabling financial firms to streamline their own procurement process. Following in the footsteps of regional platforms such as Italy-based Fabrick and UK-based Bud, the Fin5Lab project is intended to facilitate access, lower costs, increase efficiency and lower risk for institutions, while speeding up implementation. More: Fabrick’s New Model for Test Data Management The project follows research, commissioned by Temenos, which found that the procurement process at some financial institutions can take up to 18 months with a further 18 months of integration before a product actually goes to market. Unlike other platforms, Fin5Lab will not connect fintech platforms and tools directly with banks. Instead, it will connect to the Temenos core banking platform. Banks using the system will be able to access additional services from fintechs on a plug-and-play basis. Current Temenos users include Credit Suisse, Raiffeisen, and UBS, among others. The infrastructure will be made available in a regulated and secure environment hosted by Telindus in Luxembourg using Cisco servers’ technology. Deloitte Luxembourg will offer a variety of due diligence checks, which can be requested by the fintech or the institutional customers.
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