Temenos has launched a SaaS solution for cross-border payments, enabling Payment Service Providers (PSPs) to offer payments across multiple nations.
The Temenos Cross Border Payments Enterprise Service is pre-configured, aiming to minimise change risks and accelerate time to market. The fintech stated that it is particularly beneficial for organisations with legacy systems that include cross-border payments.
Additionally, Temenos has highlighted the importance of this initiative as the industry faces pressure to improve cross-border payments, with the G20 establishing 2027 targets for transaction speed, cost, transparency and service access.
Mick Fennell, Business Line Director of Payments at 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.”
The solution allows PSPs to connect to various low-cost remittance networks using real-time processing. It is compliant with ISO20022 and supports SWIFT transactions.
Built on cloud-native technology and low-code tools, the fintech has noted the service is scalable and cost-effective, enabling PSPs to handle increased payment volumes with high straight-through processing (STP) rates.
Temenos states that this can lead to lower costs and faster transaction completion while also reducing operational expenses.
Christine Barry, Leader of Strategic Initiatives, Research, at Datos Insights, commented: “At Datos, our surveys show significant increases in cross-border payments volume, and inefficiencies in processing international transfers which are straining corporate back offices that are using manual processes to interact with their banks.
“The opportunities to improve the cross-border payments experience are wide open to those who are looking to innovate and lead the market.
“We believe that scalable technology with smart processing, such as that from Temenos, can help payments providers to compete by lowering routing costs and reducing payment delivery times, ultimately improving customer experiences.”
Earlier this year, Marcus Treacher, Executive Chair at RTGS.global, and Ketevan Khomeriki, Product Development Manager at Credo Bank, discussed with Payment Expert the importance of cross-border settlement and outlined the sector’s future as it continues to evolve.
