FundBank, a Cayman Islands-based company specialising in banking services for the asset management industry, has gone live with Temenos Software-as-a-Service (SaaS) to help power its US expansion plans.
The Swiss vendor states that FundBank has selected “a full suite of services including digital and core banking, payments, and data analytics”, deployed on Temenos SaaS, which it adds will provide the company with “a comprehensive set of banking capabilities tailored to the needs of the US market”.
The go-live is intended to help the bank “launch new products faster”, Temenos says, including “fully digitised corporate onboarding experiences”. Previous technology integrations made by FundBank include Profile Software’s Axia Custody solution in 2023.
Diarmuid O’Donovan, global chief information officer at FundBank, describes the selection of Temenos SaaS as “key to our future growth”, adding that the tech upgrade will enable the company to provide “a simplistic approach to banking for investment funds and managers”.
Founded in 1972, FundBank provides a range of financial offerings tailored for investment funds and managers, including multi-currency bank accounts, payment services, and custody and trading solutions.
The bank was first approved to operate a national bank in the US, called FundBank National Association, by the Department of the Treasury’s Office of the Comptroller of the Currency (OCC) in November 2024.
The US unit is headquartered in Austin, Texas, with a core offering focused on hedge, private equity, venture capital, debt, and real estate investment funds, led by regional CEO John Rosanelli.
Source: https://www.fintechfutures.com/
