FIL taps Temenos to scale payment & alternative banking services

By Gloria Methri

Finance Incorporated Limited (FIL), the Maltese Electronic Money Institution (EMI) behind the Paymix Pro business account, iPaymix eWallet app, and Paymix SoftPOS, has selected Temenos to modernize its digital and core banking capabilities.

FIL will implement Temenos’ end-to-end retail banking solution to improve back-office efficiency, speed up transaction processing and launch new payments and other financial products faster and at lower cost.

FIL deploys a range of products and services aimed at individual, corporate, and institutional clients. With iPaymix, a friendly eWallet account, customers can sign up for an account and get a Maltese IBAN in minutes, send and receive money via the EURO SEPA network and enjoy contactless payments with a debit Mastercard.

Business customers can choose Paymix Pro and get a dedicated Maltese IBAN and an online portal with multiple user access, and process EUR bulk payments towards multiple beneficiaries. FIL launched its new softPOS product in Malta and Germany earlier this year. The Paymix SoftPOS app will allow merchants to accept card payments on their smartphones. The app is envisaged to be launched in other EU countries soon.

Temenos’s digital and core banking platform, with a broad and deep set of banking capabilities, will enable FIL to scale these products and services sustainably and quickly create new banking products that make payments and transactions easier and more efficient for customers.

Cenk Kahraman, CEO of Finance Incorporated Limited, said, “We chose Temenos because it has proven expertise with banks, FinTechs and payment providers in Malta and across Europe. It also showed that it has the most open, secure and scalable banking platform with mature functionality to meet our needs today and in the future.”

Mark Yamin-Ali, Managing Director—Europe, Temenos, said, “Our focus is on driving innovation centred around our customers, and so it’s exciting to see FIL create an intuitive gateway to financial services on our platform. We look forward to supporting the company in growing and expanding its range of alternative banking services using the latest technology.”