Temenos has entered into an agreement with Indian tech company Tech Mahindra to enable the latter to offer a core banking solution on Temenos SaaS, particularly tailored for electronic money institutions (EMIs) in the UK and Europe.
By leveraging the Swiss banking software provider’s composable banking capabilities and Tech Mahindra’s services, EMIs will benefit from faster time to market. They will also gain from reduced operational costs, scalable architecture, and access to over 100 curated Temenos Exchange fintech partners.
The partnership between Temenos and Tech Mahindra will also enable EMIs to offer customised and differentiated services to their customers.
Tech Mahindra BFSI – Europe head Pankaj Kulkarni said: “Our collaboration with Temenos creates an unparalleled value proposition in the fiercely competitive financial services sector.
“The joint offering combines the agility of Temenos’ open, composable banking platform with our comprehensive suite of services, including customised implementation and managed support. This aligns with our focus on delivering next-generation technology services that achieve ‘Scale at Speed’ to meet the distinct requirements of our customers.”
The new Temenos SaaS offering is designed to provide EMIs with a cost-effective, scalable, and secure banking platform, thereby enhancing their ability to quickly launch operations.
The SaaS offering includes a suite of pre-configured, composable banking capabilities specifically for the EMI sector. These include multi-currency accounts, client onboarding checks, virtual and physical cards, domestic and international payment orchestration and routing, screening of transactions, and regulatory reporting.
Additionally, the service supports dynamic scaling, cost efficiency, and sustainability, offering the flexibility to incorporate additional banking functionalities as EMIs grow, ensuring their operations are future-proof.
This SaaS offering is intended to serve as a springboard for financial innovation and can also be used by start-up/challenger banks, smaller established banks, and building societies. It provides a cost-effective yet functionally rich and robust foundation for rapidly developing and deploying financial products and services, as per Temenos.
Currently being implemented at an EMI in the UK, this service initially targets the UK market, home to around 250 EMIs, and will eventually expand across the European Union. In total, there are nearly 600 EMIs across Europe, holding an estimated €35bn in client funds, claimed Temenos.
Temenos Europe managing director Mark Yamin-Ali said: “With almost 600 EMIs in Europe, this partnership opens a large new addressable market for Temenos, and combines our market-leading SaaS banking capabilities with Tech Mahindra’s technology services expertise.
“This collaboration will help us to bring the agility, cost-efficiency and sustainability benefits of Temenos SaaS to even more financial institutions. Together, we can help EMIs launch innovative payments services faster, reduce operational costs and gain greater speed to market.”
Recently, Haventree Bank selected Temenos to facilitate its digital transformation and business expansion and subsequently scale its lending and banking services.
