Optimus Cards signs with Temenos to expand card-as-a-service business
UK EMI expands portfolio with credit card and crypto services on Temenos open platform for composable banking
Press releases, June 8, 2022
Temenos – Company
GENEVA, Switzerland – JUNE 08, 2022 – Temenos (SIX: TEMN) today announces that Optimus Cards, the provider of white-label cards and banking-as-a-service, has subscribed to the Temenos open platform for composable banking to support the expansion of its cards-as-a-service business. Temenos will help the UK-based Electronic-Money Institution (EMI) launch new products faster and scale efficiently as it expands into new markets.
FCA regulated and principal member of Mastercard, Optimus acts as the primary card issuer and program manager. The company serves clients in the fintech and mutual sectors, offering a sophisticated platform that supports Apple Pay, Google Pay, open banking, as well as contactless and virtual cards, IBANs, sort codes and UK accounts, as well as ‘cardless’ cash withdrawal.
As part of Uphold, the global multi-asset digital trading platform with over 10 million users, Optimus has extensive growth plans. It is launching new white-label credit card and multi-asset crypto debit card services and is partnering with regulated local issuers in Europe and the United States to expand its footprint and tap into new growth opportunities.
The Temenos banking platform will process all transactions and manage customer accounts, and Optimus will also compose a lending solution to support its new credit card service. The platform connects in real-time via APIs to Optimus customers’ back-office systems to facilitate instant authorization from the customer’s account or crypto wallet.
Lindsay Robertson, CEO, Optimus Cards, commented:
“Our strategy is based on innovation, speed and flexibility, providing solutions to mutual institutions such as credit unions and building societies, and to innovative fintechs bringing Web 3 services to market. economy of our offering enables customers of all sizes to offer card services Optimus chose Temenos for the platform’s proven reliability and resiliency, as well as the flexibility to compose solutions for a wider range of banking offerings in the future, which includes more than 3,000 banking customers and 500 credit unions in the United States, Temenos also has an extensive customer ecosystem and experience that will be invaluable as we enter new markets.”
Max Chuard, CEO of Temenos, said:
“Banking as a service is a massive growth opportunity for innovative companies like Optimus Cards, which is estimated to be worth $3.6 trillion globally by 2030. To succeed with these new business models, you you need the right technology and platform for agility, scale, and innovation. Choosing the Temenos open platform for composable banking will allow Optimus to cost-effectively serve its customers while providing the flexibility and agility to expand its portfolio of integrated financial cards and payment solutions in the future.
The agreement was signed at Temenos Community Forum 2022 in London, Temenos’ global gathering of over 1,500 banks, fintechs, BaaS players and partners.