Temenos (TEMN), a Geneva-based company specialising in digital banking services, has announced that it is teaming up with Mastercard Incorporated (MA) to expedite the implementation of Mastercard Move, the payments firm’s portfolio that manages money transfers between banks and customers.
Temenos Teams Up With Mastercard To Expedite International Payments
In its press statement, Temenos indicated that this collaboration will realise the swift and secure movement of cross-border funds. It will also make transactions more cost-effective thanks to Mastercard’s widespread international network, which includes approximately 10 billion service points in more than 180 countries.
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Temenos added that this agreement allows customers to “choose from various disbursement options, including cards, bank accounts, cash pick-up locations and mobile wallets”. According to the company, the integration of Mastercard Move and the Temenos Payments Hub makes consolidation with other payment options possible by linking multiple sources.
Clients can access Mastercard Move through the Temenos Exchange platform. Mick Fennell, the Temenos Business Line Director – Payments, said:
We are excited to partner with Mastercard to bring their market-leading cross-border solutions to our customers worldwide. By combining Mastercard Move’s capabilities with our flexible Payments Hub, integrated with our comprehensive account services, we are empowering banks to turn on a new cross-border distribution option with ease and provide their customers with seamless and secure international payment experiences.
Roberto Tittarelli, Mastercard’s Executive Vice President New Payments Platform Europe, echoed this opinion and said that it will enhance “cross-border payment solutions to banks and their customers”.
In May 2024, Meethaq Islamic Bank implemented Temenos Core for retail and corporate banking. This enabled Meethaq to offer Shariah-compliant financial products and services and expanded Temenos’s international footprint.
