Libra Internet Bank of Romania taps Temenos for cross-border payments
By Gloria Methri
Romania’s Libra Internet Bank has selected Temenos to modernize its payment capabilities using Temenos Payments to facilitate ISO 20022 cross-border payments and reporting (Swift CBPR+) on the Swift network.
Libra will leverage Temenos’ composable, scalable platform to add other payment rails in the future, bringing them together in a single platform. This will support the bank’s growth plans to double payment volumes over the next five years.
Libra Internet Bank is already using Temenos for core banking and adding Temenos Payments will standardize the bank’s payments operations on a flexible, efficient platform, increasing Straight Through Processing (STP) rates and enhancing customer servicing.
The platform will support the new ISO20022-based cross-border payment and reporting standards, expanding data transparency and payment tracking services.
Temenos’ comprehensive suite of pre-built APIs allows easy integration with Libra’s existing payments infrastructure and third-party FinTech providers. The bank will also be able to improve its sanctions screening processes, for which it uses Temenos Financial Crime Mitigation solution.
Temenos offers a single platform across all banking verticals and business segments, including payments and core banking, and as a result Libra will benefit from higher investment in R&D. With Temenos, the bank will be able to progressively replace its payments legacy systems and accelerate time to value.
Cristina Mahika-Voiconi, General Manager, Libra Internet Bank said, “Using the latest technology to improve the products and services that we offer to our customers is one of our core values at Libra Internet Bank. Temenos has enabled us to modernize our operations and remain at the cutting edge of innovation in the Romanian banking sector. Temenos Payments will build on this success by allowing us to improve more quickly in the payments space, bringing faster, more reliable cross-border payment services to our customers and fintech partners.”
Jean-Paul Mergeai, President of EMEA-APAC, Temenos, said, “We are delighted to expand on our long-running relationship with Libra Internet Bank, one of the leading banks for FinTech integration in Romania. With Temenos Payments the bank will have a modern payments platform enabling it to scale quickly and propel its growth plans. We continue to invest heavily in our single code base across core banking and payments, making our solution the most compelling integrated offering in the market.”
IBSi Daily News Analysis
November 28, 2023
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