Geneva, Switzerland – July 2, 2024 – Temenos (SIX: TEMN) today announced that it has signed an agreement with Tech Mahindra (NSE: TECHM), a leading global provider of technology consulting and digital solutions, to provide core banking services on Temenos SaaS designed specifically for Electronic Money Institutions (EMIs) in the UK and Europe.
By leveraging Temenos composable banking capabilities and Tech Mahindra services, EMI will benefit from faster time to market, reduced operational costs, scalable architecture and access to 100+ carefully selected Temenos Exchange fintech partners, enabling it to offer customized and differentiated services to its end customers.
This new offering from Temenos SaaS is designed to provide EMIs with a cost-effective, scalable and secure banking platform, enhancing their ability to quickly get started with operations using a suite of pre-configured composable banking capabilities tailored to the EMI sector, with capabilities such as multi-currency accounts, virtual and physical cards, client onboarding checks, domestic and international payment orchestration and routing, transaction screening and regulatory reporting.
Additionally, the service facilitates dynamic scaling, cost efficiency, and sustainability, and also provides flexibility to incorporate additional banking capabilities as EMIs evolve, supporting their growth and future-proofing their operations.
The SaaS service is designed to be a starting point for financial innovation, providing new and challenger banks, small to medium-sized established banks and building societies with a cost-effective, feature-rich and robust foundation to rapidly develop and deploy financial products and services.
Currently being rolled out to UK EMIs, the service will initially target the UK market (where there are around 250 EMIs) before expanding to the whole of the European Union, where there are just under 600 EMIs in total, holding an estimated €35 billion in customer funds.
Mark Yamin Ali, Managing Director Europe at Temenos said:
“There are around 600 EMIs in Europe and this partnership will enable Temenos to reach a new large market, combining our market-leading SaaS banking capabilities with Tech Mahindra’s technology services expertise. This collaboration will enable us to extend the agility, cost-efficiency and sustainability benefits of Temenos SaaS to even more financial institutions. By working together, we can help EMIs quickly launch innovative payment services, reduce operational costs and accelerate time to market.”
Pankaj S Kulkarni, Head of BFSI Europe, Tech Mahindra said, “Tech Mahindra is committed to providing the best possible service to our customers.
“Our partnership with Temenos creates an unparalleled value proposition in the competitive financial services sector. Our joint offering combines the agility of Temenos’ open, configurable banking platform with our comprehensive suite of services, including customized implementation and management support. This is aligned with our focus on delivering next-generation technology services that deliver ‘scale at speed’ to meet our clients’ specific requirements.”
