Glasgow-based AlbaCo Limited, which is taking forward the project with a view to launching next year, will use the Swiss company’s “end-to-end digital banking platform combined with pre-packaged model bank functionality”, CEO Rod Ashley said.

Mr Ashley added: “It is important for us that Alba is ‘born in the cloud’, with market requirements already built in enabling us to set up our bank quickly.”

Temenos has previously partnered with challenger banks Varo Money, Praxia, Judo Bank and Grasshopper Bank.

Des Noctor, regional director for UK and Ireland at Temenos, said: “Our cloud-native, cloud-agnostic technology delivers speed and resilience, providing the security and stability a startup bank needs. The elastic scalability eliminates the need to over-provision costly infrastructure as the bank grows.

“Temenos Infinity and T24 Transact give a pre-integrated full technology stack – perfect for a new bank like Alba. Neobanks around the world are challenging the status quo and transforming the banking landscape – we’re proud to be part of this evolution.”