Temenos and Tech Mahindra launch new service on Temenos SaaS for EMIs to get faster to market

Innovative new service enables EMIs to launch or scale their operations with integrated core banking, payments and financial crime mitigation capabilities at a lower cost 

Temenos (SIX: TEMN) today announced it has signed an agreement with Tech Mahindra (NSE: TECHM), a leading global provider of technology consulting and digital solutions, for Tech Mahindra to provide a core banking offering on Temenos SaaS specifically designed for Electronic Money Institutions (EMIs) in the UK and Europe.

By leveraging Temenos composable banking capabilities and Tech Mahindra services, EMIs will benefit from faster time to market, lower operational costs, scalable architecture and access to over 100 curated Temenos Exchange fintech partners, to offer customized and differentiated services to their end customers.

This new offering on Temenos SaaS is designed to offer EMIs a cost-effective, scalable, and secure banking platform, enhancing their ability to launch operations swiftly with a suite of pre-configured, composable banking capabilities that cater specifically to the EMI sector – with features such as multi-currency accounts, virtual and physical cards, client onboarding checks, domestic and international payments orchestration and routing, transactions screening, and regulatory reporting.

Moreover, the service facilitates dynamic scaling, cost efficiency, and sustainability. It also provides the flexibility to incorporate additional banking functionalities as EMIs evolve, supporting their growth and future-proofing their operations.

This SaaS offering is designed to be a springboard for financial innovation, which can also be leveraged by start-up/challenger banks, smaller established banks, and building societies as a cost-effective yet functionally rich and robust foundation to rapidly develop and deploy financial products and services. 

Currently being rolled out at an EMI in the UK, this service is set to initially cater to the UK market – home to approximately 250 EMIs – and will subsequently extend its reach across the European Union. In total there are just under 600 EMIs across Europe, holding an estimated €35bn in client funds.

Mark Yamin-Ali, Managing Director - Europe, Temenos, said: “With almost 600 EMIs in Europe, this partnership opens a large new addressable market for Temenos, and combines our market-leading SaaS banking capabilities with Tech Mahindra’s technology services expertise. This collaboration will help us to bring the agility, cost-efficiency and sustainability benefits of Temenos SaaS to even more financial institutions. Together, we can help EMIs launch innovative payments services faster, reduce operational costs and gain greater speed to market.” 

Pankaj S Kulkarni, Head for BFSI - Europe, Tech Mahindra, commented: “Our collaboration with Temenos creates an unparalleled value proposition in the fiercely competitive financial services sector. The joint offering combines the agility of Temenos' open, composable banking platform with our comprehensive suite of services, including customised implementation and managed support. This aligns with our focus on delivering next-generation technology services that achieve ‘Scale at Speed’ to meet the distinct requirements of our customers."

About Temenos

Temenos (SIX: TEMN) is the world’s leading open platform for composable banking, serving clients by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity 2X the industry average. Their IT spend on growth and innovation is also 2X the industry average. 

For more information, please visit www.temenos.com.

About Tech Mahindra

Tech Mahindra (NSE: TECHM) offers technology consulting and digital solutions to global enterprises across industries, enabling transformative scale at unparalleled speed. With 145,000+ professionals across 90+ countries helping 1100+ clients, TechM provides a full spectrum of services including consulting, information technology, enterprise applications, business process services, engineering services, network services, customer experience & design services, AI & analytics, and cloud & infrastructure services. It is the first Indian company in the world to have been awarded the Sustainable Markets Initiative’s Terra Carta Seal, in recognition of actively leading the charge to create a climate and nature-positive future. Tech Mahindra is part of the Mahindra Group, founded in 1945, one of the largest and most admired multinational federation of companies. For more information on how TechM can partner with you to meet your scale at speed imperatives, please visit https://techmahindra.com.

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