Banking software provider Temenos and global payments leader Visa have announced a collaboration to simplify and streamline cross-border payments for banks and their customers.
The partnership will integrate Visa Direct, Visa’s money movement solution, with Temenos Payments Hub, making it accessible to banks through Temenos Exchange, Temenos’ partner solutions ecosystem.
Visa Direct facilitates real-time cross-border and domestic payments, reaching billions of endpoints in over 190 markets and 160 currencies.
Through this integration, banks can leverage Visa Direct for various cross-border payment needs, including person-to-person payments, funds disbursements, and bill payments.
By incorporating Visa Direct with the Temenos Payments Hub, banks using Temenos will streamline their payment services, consolidate them with other payment services on the single Temenos platform, and connect multiple payment sources and channels with different clearing and distribution networks.
The Temenos Payments Hub, built on a cloud-native, API-first architecture, manages multiple payment clearing rails and services, as well as various payment types and schemes.
This offers scalability and intelligent routing to meet the needs of the rapidly evolving and expanding payments landscape.
Mick Fennell, Business Line Director – Payments, Temenos, said,
“Temenos is proud to welcome Visa to Temenos Exchange to enable the rapid deployment of Visa Direct services for banks that run on the Temenos platform.
By combining Visa Direct’s capabilities with our flexible Payments Hub and integrated account services, we are empowering banks to turn on a new distribution option with ease and provide their customers with seamless and secure international payment experiences.”
Edward Chandler, SVP & Head of Money Movement Solutions Europe, Visa, said,
“The integration of Visa Direct’s money transfer solutions with Temenos’ payments capabilities will streamline the process of deploying, scaling, and maintaining ongoing interoperability for cross-border payments.
Ultimately, this will enable banks’ customers to benefit from fast, secure, and efficient cross-border payments.”
Featured image credit: Edited from Freepik
