According to a recent press release, “Temenos, the banking software company, today announced it has completed the acquisition of Logical Glue Ltd., a London-based provider of a patented, award-winning Explainable AI (XAI) platform with financial clients in the UK and Europe. The acquisition accelerates Temenos’ AI roadmap by bringing together a patented, proven, industry-first XAI platform, AI credit scoring models that are immediately available worldwide as well as deep AI and Machine Learning expertise. 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.”
The release goes on, “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.”
Read more at Business Wire.
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