The startup beat over 80 other fintech companies to win the global competition and earn its place on MarketPlace.
Swiss-based SONECT, which won the public vote at the Innovation Jam Final, offers a location-based matchmaking platform, connecting those who need to withdraw cash with those who want to deposit it. By democratizing cash distribution, SONECT is providing convenience to consumers, more footfall for retailers and saving banks millions of dollars in ATM operating costs.
The solution has now been integrated with the Temenos solutions and is live on MarketPlace. Practically, this means that for any Temenos customer wishing to deploy SONECT or any other MarketPlace provider, the significant challenges around procurement and integration have been greatly simplified, speeding up time to value from years to weeks.
Sandipan Chakraborty, Founder & CEO, SONECT, added:
“What UBER is to Taxis, AirBnB is to Hotels, SONECT is for ATMs. SONECT democratizes the ATM industry by enabling any shop in the neighborhood or any human being to act as a ‘virtual ATM’. In essence, we connect people who have cash with people who need cash, saving the banking industry billions of dollars of cash distribution costs in the process. We were delighted to have won the Innovation Jam and now to be live on Temenos MarketPlace, where we hope to create significant value for the Temenos Community.”
Ben Robinson, Chief Strategy Officer at Temenos and Head of MarketPlace, said:
“The aim of the Innovation Jam is to help us to discover the best fintech solutions from around the world. But, since the competition captures the imagination of our customers, it is also a great lead-generating tool. These solutions join MarketPlace having already generated significant interest and we expect fast take-up as banks seek to capitalize on the latest fintech innovation to stay ahead of their peers.”