Temenos, the banking technology company, and Canadian Western Bank (CWB) have built out Temenos Virtual COO, an Explainable AI-driven (XAI) offering. Temenos has rolled out the offering throughout the world, according to a Tuesday (June 1) announcement.
“We’re innovating with Temenos to not only create something special, but to evolve with SME [small to medium enterprise] owners along their growth journey. It’s about understanding the human behind the business,” Jeff Wright, senior vice president, Equipment, Digital & Client Solutions, Canadian Western Bank, said in the announcement.
Temenos Virtual COO has been developed on the Temenos Infinity digital banking system, and it harnesses Temenos Analytics in addition to its application programming interface (API)-first, “cloud-native technology.” It provides open banking-fueled information aggregation with live analysis for those who own small to medium-sized businesses (SMBs) to manage the expansion of their companies and allow for more intelligent funding in the end, according to the announcement.
In other words, Temenos says in the announcement that it offers a virtual chief operating officer.
“We are delighted to announce the availability of the Temenos Virtual COO solution globally. With Temenos Virtual COO, financial institutions worldwide will be able to empower SMEs with intelligent business banking and drive growth with funding innovation,” Kam Chana, product innovation director, Temenos, said in the announcement.
PYMNTS reported in March that Temenos announced it will be teaming with CWB on a new program to assist SMBs with areas such as business growth and financial decisions. At the time, it was also reported that the solution was named Temenos Virtual COO.
CWB President and CEO Chris Fowler said at the time it was important “now, more than ever to offer innovative digital solutions that ease the challenges that business owners face as they look to grow and maintain a business, especially during a pandemic.”
Overall, Temenos provides core banking, front office, fund administration and payments software. In January, Temenos unveiled a “next-generation” business lending platform.