David Liu, CEO and Director at Truevo

A Malta-based card acquirer and provider of payment solutions, Truevo, has selected Temenos’ solutions in a bid to target new fintechs with its upcoming payments line. The company has selected Temenos’ T24( core banking solution), Infinity( digital front office product), Temenos’ Payments Hub and Financial Crime mitigation, aiming to expand its market.

David Liu, CEO and Director at Truevo, said: “We chose Temenos because their vision of accelerating growth through digital innovation matches our own. Our mission is to make simple, intuitive and user-friendly payment products that allow our customers to receive payments effortlessly, so they can focus on growing their businesses.”

He added, “We believe that Temenos T24 Transact and Temenos Infinity offer the most complete set of core banking and digital front office capabilities, designed with a customer- first approach. These products will provide us with the speed and flexibility to future-proof our business as we launch the next phase in our global expansion – partnering with fintechs to achieve our goal of reaching one million business clients.”

According to the supplier, Temenos’ cloud-native technologies built on open API first technology are expected to affect Truevo with enhanced scalability, elasticity and a much quicker timeframe for implementation.

Steen Jensen, Managing Director of Europe at Temenos, said: “Truevo is growing rapidly to establish itself as a significant fintech disrupter with a fantastic reputation in the market. We are delighted to have been chosen as their strategic technology partner in this exciting new chapter for the business. Our cloud-agnostic, cloud-native technology dramatically reduces the cost of deploying our software, providing financial institutions such as Truevo with greater agility and accelerated speed of innovation. We look forward to working together on this exciting launch into a new market for Truevo.”

Recently, Temenos’ Global Accounting Platform was selected by an insurance provider, Canada Life, in order to scale the latter’s UK investment accounting opportunities.

Founded in 2012 in Malta, Truevo processes payments for businesses from front to back, from enabling payment transactions and managing card settlements, to the general ledger, accounting, and financial crime mitigation.

by Megha Bhattacharya
Market Analyst at IBS Intelligence