14 December 2021
M1 Finance Selects Formpipe as Part of its Rollout of the Temenos Banking Cloud
M1 Finance, The Finance Super App™, has selected Lasernet, an industry leading document management solution as part of its rollout of the Temenos Banking Cloud to support its bank expansion.
Formpipe Software announced today that M1 Finance, The Finance Super App™, has selected Lasernet to support its output and document management requirements as it rolls out its Invest, Borrow and Spend products for its hundreds of thousands of clients on the Temenos Banking Cloud.
Brian Barnes, founder and CEO of M1 Finance recently announced his purchase agreement of The First National Bank of Buhl, a nationally chartered bank, and M1’s partnership agreement with Temenos. Both agreements are part of a strategic growth and product diversification plan that adds retail banking to M1’s brokerage platform.
As part of M1’s decision to choose the Temenos Banking Cloud as its technology foundation, Formpipe’s Lasernet solution was selected due its deep integrations with Temenos to support M1’s output and document management requirements.
“We’re excited to partner with Formpipe’s Lasernet solution to bring an even better banking experience to M1 clients,” says Brian Barnes, founder and CEO of M1 Finance. “Better banking is a critical focus for us as we work to help people improve their financial well-being. Innovative technologies like Lasernet will help us accelerate progress towards our mission.”
Lasernet will be creating and managing all of M1’s onboarding documents, welcome letters and payment advice notes for it’s newly developed deposit, loan and payment account services.
“It’s with great pleasure we partner with Temenos in helping M1 Finance further excel in their mission to empower investors to take control and we're excited to be a part of personalizing the investment experience by enabling M1 to provide outstanding customer communication,” says Christian Sundin, CEO, Formpipe.
Formpipe Software is a Stockholm based software company that provides an industry leading output and document management solution for Temenos customers globally. Formpipe’s partnership with Temenos spans 15+ years working together.
“For more than 15 years, Temenos and Formpipe have innovated through teamwork and trust. We’re delighted that M1 will use the openness of our banking platform to create a connected ecosystem and incorporate Formpipe’s Lasernet solution to deliver an outstanding customer experience,” says Martin Bailey, Product Director – Innovation & Ecosystem, Temenos
About M1 Finance
M1 Finance, The Finance Super AppTM, helps people manage and grow their money with control and automation—for free. With over $5 billion in assets under management, M1 empowers hundreds of thousands of self-directed investors to open accounts and improve their financial well-being through investing, digital checking, and portfolio lines of credit. M1 was named 2021 Best for Low Costs and 2021 Best for Sophisticated Investors by Investopedia.
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.