Temenos Acquires Logical Glue
Temenos, the banking software company, has announced it has completed the acquisition of Logical Glue, a London-based provider of an Explainable AI (XAI) platform with financial clients in the UK and Europe.
The Logical Glue XAI platform will be immediately embedded within the cloud-native, cloud-agnostic Temenos banking platform and will be available with all Temenos software including digital front office, core banking, wealth management, payments and fund administration products. This will provide banks with the next generation of AI-powered applications irrespective of the choice of cloud that banks decide to deploy the platform or on premise. By embedding AI and Machine Learning into its products, Temenos will accelerate the release of explainable models that will underpin new AI use cases that focus on creating seamless customer journeys and automating manual processes with self-learning capabilities.
AI credit scoring models are immediately available worldwide and will take manual underwriting to the next level through AI automated decision making and recommendations that are transparent and explainable to the end user. Additional use cases include robo-advisor, intelligent pricing, product recommendation, real-time fraud detection and debt collection products.
The XAI platform will be fully integrated with the Temenos Data Lake to give banks a real-time, end-to-end Smart Data Lake, offering higher quality and richness of data through multiple sources. This means that banks can make faster, more accurate and explainable decisions driven by AI algorithms. All these products can be consumed either through an easy-to-use interface or through APIs and can be delivered on-premise, in the cloud or as a SaaS offering. The provision of explainable AI as part of the Temenos platform is central to the Temenos strategy to deliver both cloud-agnostic as well as on premise products to banks.
“This is a highly strategic acquisition for Temenos as it accelerates our AI roadmap, brings an impressive team onboard that is immersed in AI and Machine Learning and builds upon the work carried out by Temenos’ AI Centre of Excellence. Logical Glue is a true innovator and their patented, award-winning Explainable AI platform and AI credit scoring models are unique in the banking industry. Explainable AI is a game changer for our customers. It will give them greater transparency and explainability of AI automated decisions and recommendations helping them harness AI technology to create seamless customer journeys and automate manual processes while meeting the growing regulatory demands. The Logical Glue XAI platform will be immediately integrated with Temenos’ cloud-native, cloud-agnostic banking platform and will be available with all Temenos products giving our customers, the next generation of AI-powered explainable applications.” – Max Chuard, Chief Executive Officer, Temenos.
Temenos has acquired Logical Glue for GBP 12 million. The acquisition will be non-IFRS EPS neutral in 2019 and accretive from 2020.
