Temenos and Visa launch partnership for money transfer solutions

Temenos, a world leader in banking software, has entered into a partnership with Visa to integrate Visa Direct services into its solutions for banks. The Swiss company intends to offer Visa's money transfer solutions to enable banking institutions to benefit from the scheme's global capabilities, while retaining the flexibility of the Temenos platform.

FACTS

• Temenos has just announced the launch of a collaboration with the Visa scheme. The main aim of this partnership is to integrate the Visa Direct solution into Temenos Payments Hub.
• Banks using Temenos banking software will thus benefit from the Visa Direct money transfer solution directly via Temenos Exchange, Temenos' ecosystem of partner solutions.
• Integrated with Temenos Exchange, the solution aims to be consolidated with other partner services in different areas, to offer a solution tailored to each bank.
• Customers will benefit from a variety of use cases for cross-border payments, such as person-to-person (P2P) payments, cash disbursements and bill payments.
• Visa Direct is used by over 2,800 banks, including Revolut and Bank of America, and provides access to more than 190 markets in over 160 different currencies.

CHALLENGES

• A major partner: Visa Direct is a major solution for money transfers. Temenos will enable banks and their end customers to benefit from one of the most widespread solutions, enabling them to make payments quickly and easily in all four corners of the globe.
• Greater flexibility for banks: Temenos aims to offer a service that can be adapted to the specific needs of each bank. The collaboration between the two services therefore strengthens banks' choice of money transfer solutions. Temenos' Payments Hub solution is built on a flexible cloud-based architecture and an API-first approach. The modularity sought by the company makes it easier to streamline processes, scale up and maintain interoperability.

MARKET PERSPECTIVE

• Temenos is a major player in the global banking software market and beyond. The world's leading banking institutions place their trust in the company, which is present in 150 countries and provides services to several thousand customers.
• For its part, Visa continues to support major players as well as emerging and innovative solutions. A few days ago, the scheme entered into a partnership with Tangem to offer an innovative payment solution linked to a cryptocurrency wallet.