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As financial institutions race to meet G20 targets, the Swiss financial services software provider Temenos has released a cloud-based service to modernise cross-border payments.
After G20 leaders endorsed the Roadmap for Enhancing Cross-border Payments in 2020, the international forum has mandated significant improvements in cross-border payment processing by 2027. Improving the speed, transparency, and cost-effectiveness of international transfers is a paramount objective.
Temenos has said its new Cross Border Payments Enterprise Service would satisfy these criteria, enabling banks, electronic money institutions, and fintech firms to rapidly deploy cross-border payment capabilities whilst reducing operational costs.
“This pre-configured solution streamlines cross-border payments, empowering banks and other payment service providers to thrive in an increasingly competitive landscape,” said Mick Fennell, Business Line Director for Payments at Temenos.
The software-as-a-service offering allows payment providers to connect to multiple remittance networks using real-time rails and is compatible with the ISO20022 messaging standard being adopted globally by financial institutions.
Industry analysts suggest the timing is opportune. Datos Insights research shows “significant increases in cross-border payments volume” as reported by Christine Barry, Leader of Strategic Initiatives. Additionally, Temenos’s software alleviates processing inefficiencies that are straining corporate back offices still relying on manual processes.
The new service leverages cloud-native technology and low-code tools to help payment providers scale operations whilst maintaining high straight-through processing rates. Temenos said customers would benefit from continuous updates to help them navigate evolving regulations and messaging standards.
Listed on the Swiss Stock Exchange, Temenos has positioned the offering as particularly relevant for organisations running legacy systems with embedded cross-border payment functionality that struggle to meet modern requirements for speed and transparency.
