Temenos has launched a new SaaS enterprise service designed for cross-border payments, aimed at empowering Payment Service Providers (PSPs), including banks, electronic money institutions (EMIs), and fintechs. The service aims to help PSPs swiftly introduce and reduce the cost of cross-border payment services while meeting evolving regulatory standards.
Meeting the Cross-Border Payments Challenge
With the G20 setting targets for cross-border payments by 2027, including speed, cost, transparency, and accessibility, the industry faces mounting pressure to innovate. The Temenos Cross-Border Payments Enterprise Service addresses these challenges by enabling organizations to enhance their payment flows and meet these objectives.
Mick Fennell, Business Line Director for Payments at Temenos, commented:
“With the launch of Cross Border Payments Enterprise Service, Temenos reaffirms its commitment to customer-centric innovation within the payments industry. This pre-configured, fast-to-market solution streamlines cross-border payments, empowering banks and other PSPs to thrive in an increasingly competitive, real-time, and diverse landscape.”
Key Features of the Temenos Cross-Border Payments Enterprise Service
The Temenos Cross-Border Payments Enterprise Service enables PSPs to connect to low-cost remittance networks and utilize real-time rails. The service is ISO20022 ready and supports SWIFT-based flows, allowing PSPs to reduce costs while also improving customer satisfaction.
Some key features include:
- Pre-configured and easily consumable for faster time-to-market
- Cloud-native technology and low-code tools for scalability and efficiency
- High STP (Straight Through Processing) rates for increased volume handling
- Continuous Temenos SaaS updates, ensuring global compliance and security
- Automation for faster payment completion and lower operational costs
By reducing manual processes and providing scalable solutions, the service enables PSPs to optimize their cross-border payments strategy while lowering routing costs and improving customer experiences.
Driving Innovation in Payments Processing
As Christine Barry, Leader of Strategic Initiatives, Research, at Datos Insights, pointed out, inefficiencies in processing international transfers have strained many corporate back offices. This situation creates opportunities for innovation, and Temenos is poised to help PSPs lead the way with its scalable technology and smart processing.
The new service can help banks and PSPs navigate the increasingly complex world of cross-border payments, ensuring they remain competitive and meet customer demands in a real-time, fast-evolving financial landscape.
For more information, visit Temenos.