stc pay is now live on Temenos Open Platform

By Leandra Monteiro

Temenos announced that stc pay, a leading digital wallet in the Middle East, is live on Temenos open platform for composable banking. Temenos’ cloud-native platform has supported it to scale efficiently to more than 8 million accounts.

The digital wallet makes it easy for customers to manage money on their smartphone, send and receive payments from anywhere around the globe, shop online and withdraw funds from ATMs.

It runs entirely on Temenos open platform using Temenos Banking Capabilities to handle all transactions and processing for Customer Accounts. It can now leverage Temenos open platform for composable banking to capture new opportunities with future products. The advanced technology architecture provides the most open and secure cloud-native platform for stc pay to compose, extend and deploy banking capabilities at scale.

The scalable efficiency of Temenos open platform will help stc pay grow sustainably to meet the region’s increasing demand for digital payments. Today, only about a third of retail transactions are conducted electronically. However, new government and regulatory initiatives and the impact of the COVID-19 pandemic triggered an acceleration of digital payments adoption.

Seedz Technology Group, the digital banking-focused system integrator, led the implementation partnering with Temenos and BankerWay, a leading Temenos specialized service provider, for implementation and customization services. The collaboration enabled stc pay to integrate Temenos banking capabilities with multiple payment services creating the Middle East’s most sophisticated digital wallet.

Ahmed Alenazi, Chief Executive Officer, stc pay, commented, “Powered by Temenos, stc pay can unlock the vast opportunities of digital payments in the Middle East. Temenos has enabled us to scale efficiently to grow our business sustainably and introduce new products to continuously deliver new and innovative digital experiences for customers and merchants. We are entering a new and exciting growth phase, and the partnership with Temenos is key to our long-term growth.”

Jean-Paul Mergeai, President – EMEA-APAC, Temenos said, “It is a privilege to partner with stc pay as it expands its service and reach across the region. It delivers a compelling digital experience for customers seeking a fast, easy way to manage money on the go. With high mobile penetration rates across the region and a growing preference for cashless transactions, stc pay has a bright future and is leading in this exciting growth segment. Congratulations to the stc pay team on passing 8 million accounts in just 24 months, a major accomplishment that demonstrates the scalability of the platform and the value the service delivers to customers every day.”