Banking software company Temenos acquires Logical Glue for £12m
By scooping up London-based Logical Glue, Temenos is strengthening the legal compliance of its banking platform.
Launched in 2012, Logical Glue uses artificial intelligence (AI) to inform better decisions through huge data sets. This is particularly useful for banks as global regulators are increasingly mandating that customers have the right to know how automated decisions affecting them are made. One such law is the EU’s General Data Protection Regulation (GDPR).
That is one of the functions Temenos can now access after acquiring Logical Glue for £12m.
The Swiss banking software company will now implement Logical Glue’s Explainable AI (XAI) platform into its own cloud-native banking platform. The company’s financial clients in Europe will, therefore, have access to Logical Glue’s automated insights and the thought process behind them. This will include transparent and explainable AI-based credit scoring models.
Max Chuard, CEO at Temenos, said: “This is a highly strategic acquisition for Temenos as it accelerates our AI roadmap, brings an impressive team on board that is immersed in AI and machine learning and builds upon the work carried out by Temenos’ AI Centre of Excellence.
“Logical Glue is a true innovator and their patented, award-winning Explainable AI platform and AI credit scoring models are unique in the banking industry. Explainable AI is a game-changer for our customers. It will give them greater transparency and explainability of AI automated decisions and recommendations helping them harness AI technology to create seamless customer journeys and automate manual processes while meeting the growing regulatory demands.”
Hani Hagras, co-founder and chief science officer at Logical Glue, added that he and his team were “delighted and excited to be joining the Temenos family at this hugely exciting time.” He added: “We are excited to combine our strengths with Temenos’ expertise, reach and passion. Together, I am sure we will be able to transform the industry.”
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