Temenos, the software company focused on banking announced today of the completion of its acquisition of Logical Glue Ltd., a London-based supplier of a award-winning, patented, Explainable AI (XAI) platform who has financial clients in the Europe and UK. The acquisition scales up Temenos’ AI roadmap by combining a proven, patented, industry-first XAI platform, AI credit scoring models which are immediately available all over the world, in addition to deep AI and Machine Learning expertise.
The Logical Glue XAI platform will be embedded within the cloud-native (cloud-agnostic Temenos banking platform) with immediate effects and will be available with all Temenos software which includes core banking, digital front office, payments, wealth management, and fund administration products. This will give banks the next generation of AI-powered applications no matter the choice of cloud that banks choose to deploy the platform or on premise.
Logical Glue’s Explainable AI platform tackles one of the crucial challenges for banks making use of AI applications, which is what they typically operate as ‘black boxes’ giving little if any discernible insight as to the manner in which they reach their decisions. Regulators all over the globe are increasingly mandating that financial institutions should be able to talk to their customers concerning the results of automated decisions that may have effects on them.
By the virtue of this acquisition, Temenos will be bringing cutting-edge innovation to the banking industry by assisting banks to explain the process by which AI-based decisions are taken in simple language to their customers and regulators.