Temenos and Taurus join hands to help banks handle digital assets
Temenos, one of the leading banking software providers, has integrated Taurus, a Swiss based blockchain infrastructure fintech, into its Temenos Transact banking software platform.
In an additional signal that more and more banks are looking towards providing crypto and digital assets services, Temenos, after an evaluation study, has chosen to tie up with Taurus to simplify digital asset access to its banking clients.
Taurus recently a securities firm license from the Swiss Financial Market Supervisory Authority (FINMA) to operate a regulated marketplace for digital assets. This includes not only the usual suspects like Bitcoin and Ethereum but also tokens from the Defi space and it would be able to manage the full life cycle.
Alexandre Duret, Product Director at Temenos, said: “We believe that digital assets represent new opportunities for banks and wealth managers. Investors are increasingly aware of the performance of cryptocurrencies, which can effectively participate in the diversification of a portfolio. But other applications of blockchain technology, such as tokenized securities have the potential to transform the value chain with simpler issuance procedures, greater liquidity and real-time settlement. Taurus is leading the field in cryptography and blockchain technology. By joining forces, we can help banks to bridge the gap between traditional investments and digital assets.”
Taurus will be integrated into Temenos Marketplace which will help the banks to seamlessly integrate cryptocurrencies into their services and also help them manage the assets. This integration would not only help the banks to provide custody services for digital assets but would also help them to create their own tokenized products depending on their business model and the kind of regulatory license that they possess.
Sébastien Dessimoz, a Managing Partner at Taurus, added: “Digital assets represent a major shift in the industry and we see an acceleration in demand since 2020. We are pleased to collaborate with Temenos, the world-leading banking software, and be able to make available our technology to Temenos’ client base of more than 3,000 banks and financial institutions worldwide. Taurus end-to-end platform will allow Temenos clients to manage any digital asset and create products in a couple of clicks.”
It may be noted that Temenos had tied up with Arab Investment Bank and Swiss digital bank Alpian recently for providing digital banking services. A lot of banks are looking to shed their legacy banking image and are looking towards moving to digital banking and quickening up the entire process of onboarding clients as well as instruments and features for their clients to use.
Blockchain and cryptos are expected to form the core of this transformation and that is why we have been seeing this race and this range of tie-ups with blockchain fintech firms in recent times by banks and other financial services companies.
