Temenos launches Cross Border Payments Enterprise service

By Gloria Mathias

Temenos has launched a SaaS enterprise service for cross-border payments, empowering Payment Service Providers (PSPs), including banks, electronic money institutions (EMIs), and FinTechs, to launch and lower the cost of these services swiftly.

Temenos Cross-Border Payments Enterprise Service is for any organisation currently supporting or seeking to support cross-border payment flows. The industry is under pressure to up its game on cross-border payments, with the G20 setting targets to be met by 2027 for the speed and cost of transactions, transparency of processes and fees, and access to multiple options and services.

Temenos Cross-Border Payments Enterprise Service enables organisations to address these challenges and support their G20 goals. Pre-configured and easily consumable, the enterprise service reduces the risk of change and speeds the time to market. This is especially important to organisations running legacy solutions that have cross-border payments embedded within the more extensive payments suite.

The service allows PSPs to connect to multiple low-cost remittance networks utilising real-time rails. It is ISO20022-ready and supports SWIFT-based flows.

Leveraging cloud-native technology and low-code tools, the Temenos Cross-Border Payments Enterprise Service is both scalable and cost-effective. This allows PSPs to efficiently increase payment volumes with high STP rates, effectively reducing costs while also enhancing customer satisfaction.

Mick Fennell, Business Line Director, Payments, Temenos, said, “With the launch of Cross Border Payments Enterprise Service, Temenos reaffirms its commitment to customer-centric innovation within the payments industry. This pre-configured, fast-to-market solution streamlines cross-border payments, empowering banks and other PSPs to thrive in an increasingly competitive, real-time, and diverse landscape.”

Christine Barry, Leader of Strategic Initiatives and Research at Datos Insights, commented, “At Datos, our surveys show significant increases in cross-border payments volume and inefficiencies in processing international transfers, which are straining corporate back offices that are using manual processes to interact with their banks. We believe that scalable technology with smart processing, such as that from Temenos, can help payment providers to compete by lowering routing costs and reducing payment delivery times, ultimately improving customer experiences.”