Customers of banking software company Temenos gained access to a cloud-based payment processor when an app for Paymentology went live last week on the Temenos Marketplace, a self-service digital store, Temenos announced.
The collaboration gives banking clients of the Switzerland-based Temenos pre-integrated third-party solutions to deliver card products with spend controls and other features backed by secure cloud-native payment processing technology, Temenos said in a release.
“For the provider, the benefits are that they get access to a very broad market reach and a very broad customer base,” Martin Bailey, director of innovation and ecosystem at Temenos, told Bank Automation News. “And for our customers, they get access to a curated set of solutions that they know has been through some good due diligence, so they can build a truly composable solution and make themselves individual in the market.”
The Temenos platform offers cloud-based, cloud-agnostic, API-based digital banking, core banking, payments, fund management, and wealth management software products. More than 3,000 banks and financial institutions are running Temenos cloud-native banking software and software-as-a-service (SaaS) solutions, including the $2.98 trillion HSBC and $1.6 trillion Credit Suisse. The marketplace, part of the Temenos ecosystem, connects banks with fintech solutions like Salt Edge, Qualco, Wise and Bluecode.
Launched in 2015, London-based Paymentology specializes in replacing legacy issuer card processing with a payment processing platform used by challenger banks such as Revolut and Standard Chartered’s Mox Bank.
The partnership will provide banks with real-time data feeds that can include more than 120 lines of information associated with any transaction, rather than the 10 to 20 lines of data most legacy systems use, Bailey said. This gives banks more granular, actionable information on customers’ habits.
“A lot of the value in banking comes down to what you know about the costs. So, things like analytics and explainable [artificial intelligence] are key to making sure that you understand that, and both of those are very data-centric,” Bailey said. “So, the more data you can feed them, the better. There’s more that we can correlate; there’s more that we can spot trends. It’s just a much richer set of data to work with.”