Banking software provider Temenos has introduced a new service designed to make cross-border payments faster and more affordable.
The Temenos Cross Border Payments Enterprise Service is available to banks, Payment Service Providers (PSPs), electronic money institutions (EMIs), and fintechs.
It is designed to help organisations meet industry requirements and align with the G20’s goals for faster, lower-cost, and more transparent international payments by 2027.
This pre-configured service uses cloud technology for quick implementation and cost efficiency.
It connects to multiple low-cost remittance networks and supports both real-time and SWIFT-based transactions, offering flexibility for various payment flows.
The service is particularly useful for organisations with legacy systems, helping them reduce the risk of change and speed up the launch of new products.
By automating processes, the service lowers operational costs and increases straight-through processing (STP) rates, improving overall efficiency.
Delivered through Temenos SaaS, it offers continuous updates, regulatory compliance, security, and high-performance Service Level Agreements (SLAs) to meet global standards.
Mick Fennell, Business Line Director – Payments, Temenos, said,
“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.”
Featured image credit: Edited from Freepik