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Temenos and Tech Mahindra launch core banking services for EMIs

By Gloria Methri

July 03, 2024

  • composable banking
  • Electronic Money Institution
  • EMI

Tech Mahindra, Temenos,  Temenos SaaS, Core Banking, EMI, FinTech, UK, EuropeTech Mahindra has partnered with Temenos to provide a core banking offering on Temenos SaaS specifically designed for Electronic Money Institutions (EMIs) in the UK and Europe.

By leveraging Temenos’ composable banking capabilities and Tech Mahindra services, EMIs will benefit from faster time to market, lower operational costs and scalable architecture. Additionally, the EMIs will gain access to over 100 curated Temenos Exchange FinTech partners to offer customized and differentiated services to their end customers.

This new offering enables EMIs to launch operations with a suite of pre-configured, composable banking capabilities, including features such as multi-currency accounts, virtual and physical cards, client onboarding checks, domestic and international payments orchestration and routing, transaction screening, and regulatory reporting.

This SaaS offering can also be leveraged by start-up/challenger banks, smaller established banks, and building societies as a robust foundation for developing and deploying financial products and services.

This service will initially target the UK market—home to approximately 250 EMIs—and will subsequently extend its reach across the European Union.

Mark Yamin-Ali, Managing Director—Europe, Temenos, said, “With almost 600 EMIs in Europe, this partnership opens a large new addressable market for Temenos and combines our market-leading SaaS banking capabilities with Tech Mahindra’s technology services expertise. This collaboration will help us bring the agility, cost-efficiency and sustainability benefits of Temenos SaaS to even more financial institutions. Together, we can help EMIs launch innovative payment services faster, reduce operational costs and gain greater speed to market.”

Pankaj S Kulkarni, Head for BFSI – Europe, Tech Mahindra, said, “Our collaboration with Temenos creates an unparalleled value proposition in the fiercely competitive financial services sector. The joint offering combines the agility of Temenos’ open, composable banking platform with our comprehensive suite of services, including customised implementation and managed support. This aligns with our focus on delivering next-generation technology services that achieve ‘Scale at Speed’ to meet the distinct requirements of our customers.”

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