Temenos said that US-based non-bank B2B payments provider Convera will modernise its payments infrastructure by deploying the Temenos Payments Hub running in the Temenos Cloud.
After a competitive process that included both US incumbent vendors and specialised payment vendors, the banking software company based in Switzerland was chosen by Convera.
Convera CEO Patrick Gauthier said: “After extensive assessment, we selected Temenos both for its superior cloud technology capabilities and the trust in the team and its local operations.
“Temenos is the platform of choice for massive scale; we have a clear path for global expansion and look forward to partnering with Temenos with its global expertise to support us along the way.”
According to Temenos, adopting its Software-as-a-Service (SaaS) solution will assist Convera in optimising payment processing, encompassing inbound funding to outbound disbursements.
The transition aims to facilitate significant scalability, targeting a doubling of payment volumes over the next five years, as well as the expansion of payment rails, said the Swiss banking software firm. By leveraging Temenos SaaS, Convera intends to enhance its competitiveness within the dynamic payments market.
Convera, formerly a part of Western Union, provides a range of services including currency exchange and hedging solutions. It operates across more than 140 currencies with capabilities spanning over 200 countries and territories.
To streamline its international commercial payments and modernise its operations, Convera plans to gradually replace legacy systems with Temenos’ scalable platform. This transition will enable the US firm to standardise its global commercial payments on a unified platform.
Leveraging Temenos’ platform capabilities, Convera is expected to intelligently route payments through its extensive network of partner banks, resulting in improved efficiencies and enhanced customer service.
Additionally, Convera will tap Temenos’ data hub capabilities for real-time data management. The flexibility of Temenos’ composable platform allows seamless integration with Convera’s existing infrastructure, which includes integrated compliance systems and payment gateways.
This integration will drive increased automation and reduce time to value for the B2B payments provider.
Temenos Americas president Philip Barnett said: “With Temenos Payments Hub running on Temenos SaaS, Convera will have a modern payments platform which can scale massively and propel its expansion plans.
“With our SaaS solution, Convera will stay agile and at the forefront of innovation and deliver fast, reliable, and transparent payment services to its corporate customers.”
