STCPay selects cloud-native, cloud-agnostic Temenos Payments and Temenos Transact to power innovation in digital payments and grow its customer base to 6 million by 2021.
Temenos (SIX: TEMN), the banking software company, today announced that Saudi Arabian digital wallet, STCPay, has selected cloud-native, cloud-agnostic Temenos Payments and Temenos Transact running on a private cloud to achieve exponential growth and expand its digital payments capabilities. Real-time, API-first Temenos Transact and Temenos Payments will provide a single, digital platform on which STCPay can rapidly create and update innovative digital services for retail customers. Using Temenos' cloud and microservices-based technology to power innovation and transform customer journeys, STCPay aims to double its customer base by 2021. Longer-term, the business aims to establish itself as the leading digital challenger in the
STCPay, a subsidiary of
Temenos Payments provides Straight-Through Processing (STP) rates over 99% and will underpin STCPay's digital customer experiences. Temenos Payments will be integrated with Temenos Transact, the next-generation core banking product, and deployed on private cloud to provide unparalleled resilience and scalability to support skyrocketing volumes of digital payments. This will provide STCPay with timely benefits in light of regional trends towards cashless banking as a result of COVID-19. According to the recent
The new platform will drive significant cost efficiency gains and enable sustainable business growth. According to the Temenos Value Benchmark, a strategic, survey-based program providing an in-depth analysis of how software capabilities impact a bank's profitability, banks with STP rates over 90% can achieve up to 8x higher revenues per customer, compared with banks with lower STP rates.
Temenos Saudi model bank will deliver pre-configured, country-specific capabilities and regulatory compliance to support STCPay to roll out its new platform in the shortest possible timeframe and at minimum cost. With model bank capabilities for more than 150 countries, Temenos' software will support the seamless onboarding of new geographies across the
Temenos is collaborating closely with
'We are excited to partner with Temenos and unlock the vast opportunities of digital payments in the
'Temenos' cutting-edge cloud and microservices-based architecture perfectly aligns to STCPay's growth and innovation strategies. Temenos' unique architecture will power DevOps and support continuous innovation by facilitating faster deployments that reduce time to market for new products and services. This agile technology will enable us to remain at the forefront of digital payments innovation by helping us to quickly respond to the evolving market landscape and needs of our customers.'
Jean-Paul Mergeai, Managing Director,
'It is a true privilege to embark on this exciting partnership with STCPay. We are seeing a significant increase in demand for digital payments across the
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Temenos Payments product was named Leader in the 2019-2020 IDC MarketScape for worldwide integrated payment platforms and also ranked #1 best-selling payments system in the IBS Sales
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