The LHoFT Foundation, Deloitte Luxembourg, Temenos, Cisco and Telindus have joined forces to launch FIN5LAB, a platform to drive faster Fintech procurement.
Today at the Paris Fintech Forum, global banking software vendor Temenos, ICT provider Telindus, worldwide leader in IT solutions Cisco, professional services firm Deloitte Luxembourg and the LHoFT Foundation came together to launch 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 the pre-evaluation of solutions enabling financial institutions to skip or 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.”
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 utilising Cisco servers’ technology to meet the specific outsourcing needs of financial institutions.
For its part, 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.
The FIN5LAB is now operating its first pilot projects and is expected to be fully operational by the start of March this year.
