Danish Challenger Bank Selects Temenos to Deliver Unrivalled Protection Against Financial Crime

Danish Challenger Bank Selects Temenos to Deliver Unrivalled Protection Against Financial Crime
24.10.2019 10:06 am

Danish Challenger Bank Selects Temenos to Deliver Unrivalled Protection Against Financial Crime


Temenos (SIX: TEMN), the banking software company, today announced that Lunar has selected Temenos’ award-winning Financial Crime Mitigation (FCM) to deliver the most complete protection and an enhanced digital customer experience. Temenos’ pre-packaged FCM will be quickly deployed and run on Temenos SaaS to provide a highly scalable and cost-efficient financial crime prevention solution spanning watch-list screening, anti-money laundering (AML), fraud prevention, and know-your-customer (KYC).

Lunar will implement the full suite of Temenos FCM modules to mitigate a broad range of financial crime scenarios. Modules include Profile, Screen, KnowCustomerPlus and Suspicious Activity Prevention. By adopting Temenos FCM, Lunar will address stringent regulatory demands for financial crime prevention while safeguarding its customers and reputation.

Founded in 2015 in Denmark, Lunar offers app-based digital banking services to more than 100,000 users. The challenger bank recently obtained its European banking license from the Danish Financial Supervisory Authority and plans to extend its digital offering and customer base in the Nordics, focusing on creating a streamlined and intuitive user experience. Lunar aims to be a 100% digital, innovative and a true alternative to incumbent banks.

Temenos FCM will be seamlessly integrated into Lunar Way’s existing core banking and payments architecture to provide unrivalled levels of detection and resilience against financial crime. Deploying FCM on Temenos SaaS will also provide the flexibility and agility needed for Lunar to address changing customer demands as well as evolving regulatory requirements.

Morten Sønderskov, Chief Operating Officer, Lunar, commented: “At Lunar, we want to change banking. To do this, we are building a Nordic bank from scratch and realizing our vision of becoming a financial Super App. As a challenger bank it is crucial for us to be in full control and create a scalable and agile setup in the Nordics, and we believe partnering with Temenos will get us ahead of the curve in financial crime prevention.”

“Temenos FCM, which incorporates cutting-edge technologies like AI and machine learning, will give us the highest level of protection against financial crime and at the same time enable us to deliver seamless customer experiences. Running FCM in the cloud will also provide us with unparalleled agility to adapt and scale as we grow our business in the Nordics.”

Steen Jensen, Managing Director – Europe, Temenos, said: “We are proud to partner with Lunar and provide a vital layer of protection against financial crime so it can deliver outstanding digital customer experiences. Lunar joins a family of more than 200 banks that depend upon the FCM product to deliver industry-leading levels of financial crime detection, allowing for lower review rates, seamless transactions, and lower costs. Temenos proudly supports the momentum of challenger banks around the world by supplying best-in-class software solutions. This rich experience provides us with a blueprint with which to support Lunar as it builds its presence in Denmark and in the Nordics.”

Temenos’ FCM product is used by 200 banks from tier one global banks to domestic banks and challengers. It is embedded within the cloud-native, cloud-agnostic Temenos banking platform and available to all Temenos software products including digital front office, core banking, payments, wealth management and fund administration as well as a standalone product. This will provide banks with the next generation of AI-powered FCM capabilities that can run on any public cloud, as a service or on premise.


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