Temenos has recently unveiled its latest Software-as-a-Service (SaaS) solution named the Temenos Cross Border Payments Enterprise Service, aimed at revolutionizing the way Payment Service Providers (PSPs) handle international transactions. Tailored for banks, electronic money institutions (EMIs), and fintech companies, this cutting-edge service provides a cost-effective and efficient method to launch and manage cross-border payments. Designed to align with the G20’s 2027 objectives, the service focuses on enhancing transaction speed, reducing costs, improving access, and increasing transparency, promising to address current inefficiencies in the global payment landscape.
One of the standout aspects of this new offering is its pre-configured nature, which facilitates rapid implementation, significantly reducing risks and time-to-market, especially for organizations burdened with legacy systems. Key features of the service include access to multiple low-cost remittance networks, real-time payment rails, ISO 20022 readiness, and integration with SWIFT-based payment flows. Utilizing cloud-native technology and low-code development tools, the service is built to ensure scalability and cost efficiency. This enables PSPs to handle growing payment volumes while maintaining high Straight Through Processing (STP) rates. Moreover, the automation capabilities embedded within the service contribute to swifter transactions and lower operational costs, providing substantial advantages to users.
Benefits and Industry Reception
Temenos has just introduced its latest Software-as-a-Service (SaaS) solution, called the Temenos Cross Border Payments Enterprise Service, set to transform how Payment Service Providers (PSPs) manage international transactions. This innovative service is designed for banks, electronic money institutions (EMIs), and fintech firms, offering an economical and efficient way to launch and manage cross-border payments. Aligned with the G20’s 2027 objectives, it aims to improve transaction speed, cut costs, enhance access, and boost transparency, addressing the current challenges in global payments.
A significant highlight of this service is its pre-configured setup, allowing for rapid implementation and reducing risks and time-to-market, especially for those encumbered with outdated systems. Key features include access to several low-cost remittance networks, real-time payment rails, ISO 20022 readiness, and integration with SWIFT-based payments. Built with cloud-native technology and low-code tools, the service ensures scalability and cost-efficiency, enabling PSPs to manage increasing payment volumes while maintaining high Straight Through Processing (STP) rates. Its automation capabilities lead to faster transactions and lower operational costs, offering substantial benefits to users.
