The move to Temenos Software-as-a-Service (SaaS) will help Convera to drive efficiency in payment processing from inbound funding to outbound disbursements and massively scale with the aim to double its payments volumes in the next five years and expand its payment rails. Temenos SaaS will help enable Convera to compete in the highly dynamic payments market

Convera will overhaul its payments engine by progressively replacing legacy systems with Temenos’ robust, scalable platform to standardize its international commercial payments on a single platform. Temenos’ platform capability to intelligently route payments over Convera’s global partner bank network will allow for greater efficiencies and improved customer service. Convera will also use Temenos’ data hub capabilities for real-time data management. Temenos’ composable platform can easily integrate with Convera’s existing infrastructure which includes integrated compliance systems and payment gateways, increasing automation and time to value.

Temenos’ highly scalable platform with proven localization and ongoing investment in US and global compliance will enable Convera to process payments in a highly efficient and standardized manner. Temenos’ cloud-native platform will offer real-time payments and resilience giving Convera the business agility required to benefit from new market initiatives such as instant payments and ISO 20022. With Temenos payments platform, Convera will also continue to enhance its straight through processing (STP) rates through advanced exception handling.

Convera - which was previously part of Western Union - is the largest non-bank fintech in global B2B payments and makes cross-border money transfers simple by allowing its customers to transact globally with ease. Convera offers services ranging from currency exchange to hedging solutions and has capabilities in 140+ currencies across 200+ countries and territories. The company serves more than 30,000 customers, which range from small business owners and enterprise treasurers to educational institutions, financial institutions, law firms and NGOs.

Convera selected Temenos after a competitive process including US incumbent vendors and specialized payment vendors. Temenos offers a single platform across all banking verticals, fintechs, and associated business segments including payments and core banking, and as a result it benefits from higher investment in R&D.

Patrick Gauthier, Chief Executive Officer, Convera, said: “Temenos payments platform will underpin Convera’s growth strategy as it transforms into a modern, technology-led, global B2B payments organization, focused on innovation, value, and exceptional customer service. After extensive assessment, we selected Temenos both for its superior cloud technology capabilities and the trust in the team and its local operations. Temenos is the platform of choice for massive scale; we have a clear path for global expansion and look forward to partnering with Temenos with its global expertise to support us along the way.”

Philip Barnett, President Americas, Temenos, said: “We are excited to be selected by Convera, one of the largest fintech’s, to modernize its payments infrastructure. We see tremendous growth opportunities in the payments space, and we continue to heavily invest in our single code base across core banking and payments making our offering the most compelling in the market. With Temenos Payments Hub running on Temenos SaaS, Convera will have a modern payments platform which can scale massively and propel its expansion plans. With our SaaS solution, Convera will stay agile and at the forefront of innovation and deliver fast, reliable, and transparent payment services to its corporate customers. Temenos offers a proven SaaS model together with robust US pre-configured capabilities, which is compelling for financial institutions of all sizes to move to Temenos.”