The LHoFT Foundation, Deloitte Luxembourg, Temenos, Cisco and Telindus come together to launch FIN5LAB: a platform to drive faster Fintech procurement
Luxembourg, 29.01.2019
Today at the Paris Fintech Forum, Temenos, the world’s leading banking software vendor; Telindus, part of Proximus group, a leading ICT provider in Luxembourg, Cisco, a worldwide leader in IT solutions; Deloitte Luxembourg, one of the Luxembourg’s largest professional services firms, as well as the LHoFT Foundation, together are launching the FIN5LAB: a due diligence, connectivity and testing platform to help the financial services industry in its’ efforts to work more effectively with Fintech firms.
FIN5LAB aims to create a trusted standard for pre-evaluation of solutions enabling financial institutions to skip or at least shortcut elements of their procurement process. The platform is designed to facilitate access, lower costs, deliver more efficiency, and lower risk for institutions, while expediting the implementation of solutions.
According to research from Temenos, the procurement process at financial institutions, particularly banks, can take up to 18 months with a further 18 months of integration effort before a Fintech solution can go live. The unwieldy processes and sales cycle creates significant issues for Fintech firms in relation to cash flow, resource allocation and growth, as well as putting financial institutions at a competitive disadvantage to others that are finding ways to speed to up their procurement process and are becoming more agile.
Ben Robinson, Chief Strategy Officer at Temenos states: “This joint certification service greatly boosts our MarketPlace value proposition by giving clients additional assurance over the curation and integration work we do and as such we hope that it will accelerate the exchange of value between banks and fintechs.”
“We are convinced that the development of a secure agile testing platform for start-ups and larger organizations will lead to a faster adoption of innovative solutions, thus generating a new dynamic in the financial sector“, says Jacques Ruckert, Director, Solutions & Innovation at Telindus.
FIN5LAB is a dedicated sandbox for Fintech solutions to connect to the Temenos core banking system. The infrastructure will soon be made available in a regulated and secure environment hosted by Telindus in Luxembourg utilizing Cisco servers’ technology to meet the specific outsourcing needs of financial institutions.
“We are proud to provide our technology and expertise to give fintech start-ups an easier take-off in Luxembourg. Cisco will provide highly secure systems and software to help them connect more easily to the financial market, accelerate deployment of their fintech software, all whilst reducing cyber risks. Fintech is one of the four pillars of our 3-year Country Digitization Programme that Cisco has undertaken to support Luxembourg”, says Romain Siebenaler, Country Manager Luxembourg for Cisco.
Deloitte Luxembourg will offer a variety of due diligence checks, which can be requested by the Fintech and / or institutional customers and deliver a report on the solution. The options can vary from a simple diligence questionnaire to full scale testing on the connectivity, robustness, scalability and security of the Fintech solution connected to the FIN5LAB environment.
“Deloitte is convinced that the Fin5Lab will benefit both Fintech startups and incumbent financial institutions. Our due diligence will allow Fintechs to demonstrate the technological validity of their solution and thus reduce the integration risk for financial institutions”, says Patrick Laurent, Technology & Innovation Leader at Deloitte Luxembourg.
“We have brought together a fantastic group of leading companies to help solve a critical issue in financial services; the inefficient and costly process of procuring new technology. We aim to help both Fintech firms and their institutional clients to optimise the process of implementing new Fintech services”, says Nasir Zubairi, CEO of the LHoFT.
The FIN5LAB is now operating its first pilot projects and it is expected to be fully operational by the start of March this year.
Website Link: http://fin5lab.com
About Temenos
Temenos Group AG (SIX: TEMN), headquartered in Geneva, is a market leading software provider, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 2,000 firms across the globe, including 41 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers. Temenos customers are proven to be more profitable than their peers: over a seven-year period, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications.
About The LHoFT Foundation
The LHoFT Foundation is a public – private sector initiative that drives technology innovation for Luxembourg’s financial services industry, connecting the domestic and international Fintech community to develop solutions that shape the world of tomorrow. Senior executives from 13 leading private sector institutions sit on our board as leadership circle partners alongside representative from the Luxembourg Government, such as our Chairman, Pierre Gramegna, Luxembourg Minister of Finance, as well as leaders of the Luxembourg Chamber of Commerce, Luxembourg for Finance and PROFIL, the Luxembourg Financial Industry Federation.
About Cisco
Cisco (NASDAQ: CSCO) is the worldwide technology leader that has been making the Internet work since 1984. Our people, products, and partners help society securely connect and seize tomorrow’s digital opportunity today. Discover more at thenetwork.cisco.com and follow us on Twitter at @Cisco.
About Deloitte Luxembourg
Deloitte is a leading global provider of audit and assurance, consulting, financial advisory, risk advisory, tax and related services. Our network of member firms in more than 150 countries and territories serves four out of five Fortune Global 500 companies. In Luxembourg, Deloitte consists of approximately 100 partners and over 2,300 employees and is among the leading professional service providers on the market. Deloitte Digital was launched in Luxembourg in 2016 and combines Deloitte’s globally recognized strength in business transformation and technology implementation with the capabilities of a world-class digital agency. Deloitte Digital supports multiple organizations across their digital lifecycle — from defining a bold digital strategy to designing and building their online and mobile presence — using agile methods that move quickly from digital concept to digital reality.
About Telindus
Since 1979, Telindus Luxembourg – a Proximus Luxembourg brand – supports all companies and public administrations in their digital transformation by providing them with holistic ICT and telecom solutions as well as tailored support services. Its areas of expertise include fixed and mobile telecommunications, ICT infrastructure, multicloud, Fintech solutions, cybersecurity and managed services.
