Validata, Temenos expand partnership to enhance bank reconciliation

By Gloria Methri

Validata has expanded its partnership with Temenos and has extended its integration with Temenos core banking to provide banks and Electronic Money Institutions (EMIs) with a next-generation, cost-effective solution for Cash and Nostro reconciliation. This includes payment investigations and case management, intelligent matching, and exception management.

Banks and EMIs are required to perform regular internal and external reconciliations with speed and accuracy to manage liquidity, mitigate risk, meet regulations and secure client payments across different currencies. This makes back-office operations reconciliation anything but simple.

Temenos clients can leverage the capabilities of Validata’s ConnectIQ platform, a cloud-native, no-code data enablement platform.

ConnectIQ is an all-in-one ‘super-app’ powered by AI and machine learning for smart ‘progressive’ migrations and upgrades, synthetic test data generation, AI-powered end-to-end test automation, and continuous end-to-end reconciliations.

The ConnectIQ platform supports cash and payments reconciliation, Nostro reconciliation and the new ISO 20022 standard across Swift, SEPA, CBPR+, regional HVPS+, and instant payment frameworks.

The API-based integration between Validata and Temenos’s core banking platform will enable financial institutions to benefit from a streamlined experience that supports trade matching, position and Nostro reconciliations. The platform also supports intersystem reconciliation between Temenos Core and Temenos Wealth.

Adam Gable, Senior Product Director at Temenos, said, “Temenos and Validata have been working together for many years, and it is exciting to see Validata continue to innovate solutions that bring additional value to our platform. With this solution, Validata helps banks with reconciliation and supports them in staying up to date with modern industry standards.”

Vaios Vaitsis, Founder & CEO at Validata, said, “We are pleased to extend our collaboration with Temenos to provide clients with MX reconciliation capabilities. Validata is FinTech for FinTechs supporting modern banking and payment rails. In today’s rapidly evolving payments landscape, speed, accuracy, and transparency are essential. One of the key considerations for effective reconciliations and investigations is the need for a strong data management platform and strategy. By adding AI to the reconciliations mix, Validata can greatly speed up the process, reduce operational costs, and increase efficiencies. We provide innovative solutions that enable financial institutions to adapt to ISO 20022 seamlessly.”