Green Dot picks Temenos Banking Cloud to digitise partner accounts
US bank holding company Green Dot Corporation has selected Temenos and its Banking Cloud solution to power its digital banking services.
Temenos says it is seeing traction in the US market
According to the vendor, its system will support credit, payment, lending, DDA accounts, and other Banking-as-a-Service (BaaS) features, which Green Dot will offer to its partners.
Banking Cloud combines the Temenos Infinity customer onboarding banking service and the Temenos Transact core banking system.
“We selected Temenos as our platform partner because of their hyper-efficient and secure open-cloud capabilities,” says Dan Henry, president and CEO of Green Dot.
“This is a critical component of our mission to seamlessly connect people to their money, both directly, through our digital bank […] and through our valued partners.”
Founded in 1999 and based in Austin, Texas, Green Dot claims to be the world’s largest prepaid debit card company by market capitalisation.
The firm has around 33 million customers, and revenues sitting at more than $1.25 billion. Its cards are available at 100,000 retail stores in the US, including CVS, Walgreens, and Dollar Tree.
Temenos’ new deal marks a continued push into the notoriously difficult North American market.
Earlier this week it signed an agreement with Mbanq to provide a credit union-as-a-service (“CUaaS”) option.
The deal will see Mbanq’s credit union service organisation offer the Temenos Banking Cloud to credit union customers “of any size”.
Mbanq will also offer a fast-track solution based on Temenos’ technology to fintechs and e-commerce firms wishing to embed banking services.
Temenos has won a handful of deals in North America since 2019, including with Canadian Western Bank, de novo ACDC, and Elevations Credit Union. US challenger Varo Bank is also a user.
“We are pleased to see strong traction in the US market across all our products,” says Jacqueline White, Temenos’ president for Americas.
