Australia-based Rubik Financial, a long-standing Temenos partner, will now be also offering Temenos’ omnichannel platform, Temenos Connect, to the local market.
The agreement includes the upgrade of Rubik’s existing channel offering to that of Temenos.
Temenos Connect stems from the 2012 acquisition of a small UK-based vendor, Edge IPK, and its Edgeconnect product.
Iain Dunstan, CEO of Rubik, observes that ‘mutual banks, regional banks and credit unions are competing in a disruptive and rapidly changing marketplace’. To succeed, they need to differentiate themselves by offering quality and convenience to its customers, he says. Having ‘a powerful platform that is quick to market, scalable, functionally rich and delivers an optimum user experience’ across all channels is paramount.
Rubik and Temenos: what’s the story?
Rubik’s core banking software offering, Bank-in-a-Box, is based on Temenos’ T24 core banking system. It is offered on a hosted basis to banks and financial institutions in Australia and New Zealand.
The offering was introduced to the market back in 2008 but the uptake has been very slow.
It has two known users to date, Maleny Credit Union (MCU) and Uniting Financial Services (UFS), the treasury arm of Uniting Church.
MCU came on board in 2009 and went live the following year. UFS signed for the Bank-in-a-Box in 2012.
There was another prospect for the system, First Chartered Capital Corporation, but its subsequent merger with another financial institution saw the implementation abandoned.
There was also a string of senior management departures at Rubik over the last couple of years. The company’s founder and CEO, Brent Jackson, left in early 2013. Jackson was also director of Coin Software, Rubik’s financial planning software business, and he relinquished this post too.
He was succeeded by Ken Carr, who joined from a small domestic advisory firm, Kilnsey, where he was MD. Carr left Rubik just a year and a half into his new post.
The current CEO is Iain Dunstan, formerly regional director at Avaloq and prior to that, CEO and MD of Bravura Solutions.