Swiss banking technology firm Temenos will be able to offer money transfers on its platform following an agreement with FinTech juggernaut Wise.
Founded in 1993, Temenos provides banking systems to retail, corporate, universal, private, treasury, fund administration, Islamic, microfinance and community banks with its cloud-native, cloud-agnostic, AI and API-first technology. The company has a market capitalisation of $9.84bn.
According to Temenos, the deal will provide Temenos’ 3000 plus customers to have seamless access to Wise’ technology through the former’s Infinity digital banking platform and its Transact core banking product. Wise has also gone live on the Temenos MarketPlace, which is comprised of 50 curated fintech solutions, which enabled Temenos’ clients to rapidly innovate.
The Swiss firm added that by adding Wise Platform to their digital platform, financial institutions will be able to offer a convenient, fast and transparent international money transfer experience to attract and maintain retail and business customers.
Temenos highlighted cross-border payments with the UK-headquartered Wise are up eight times cheaper than ‘traditional’ providers and is enabled in up to 80 countries around the world. Wise Transfers sent using a mid-market exchange rate costs the customer a small, upfront fee, with 30% of all transfers delivered in under twenty seconds.
Temenos product director Martin Bailey said, “Together with Wise, we are making banking better. Wise brings a truly borderless experience to international banking and payments. We’re thrilled to offer Wise Platform on Temenos MarketPlace so that our clients can leverage Wise’s unique network and infrastructure to ultimately offer faster, fairer international banking experiences to their customers.”
Wise Platform and Wise Business managing director Stuart Gregory added, “We share Temenos’ ambition to modernize the international financial system. Though an email today travels around the world in a matter of seconds, for virtually nothing, moving money internationally is still incredibly slow and expensive.
“We want to change this status quo and make moving money as fast, quick and affordable as sending an email. Joining the Temenos MarketPlace brings us one step closer to achieving this mission. We are thrilled to be joining Temenos in building better experiences for banks, financial institutions and their customers.”
Wise recently went through a rebranding after it changed its name from TransferWise. The company is currently gearing up to go public as it eyes an IPO and previously chose Morgan Stanley and Goldman Sachs as joint global co-ordinators for the offering in January of this year.
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