Temenos has introduced a new Software-as-a-Service (SaaS) enterprise service aimed at streamlining cross-border payments for Payment Service Providers (PSPs). This service is designed to assist banks, electronic money institutions (EMIs), and fintech companies in efficiently launching and reducing the cost of international payment services.

The service, known as Temenos Cross Border Payments Enterprise Service, is targeted at organisations either currently managing or planning to manage cross-border payment flows. The initiative aligns with the G20's 2027 targets, which focus on enhancing transaction speed, lowering costs, increasing transparency, and improving access to a variety of services. Addressing industry challenges The new service supports organisations in meeting the G20's objectives.

Pre-configured and designed for swift implementation, the solution aims to minimise risks and reduce time-to-market. This can be especially beneficial for organisations operating legacy systems that include cross-border payments as part of their overall payment infrastructure. With the service, PSPs will gain access to multiple low-cost remittance networks and benefit from real-time payment rails.

The system is ready for ISO20022 standards and integrates with SWIFT-based payment flows. Built with cloud-native technology and low-code development tools, the service offers scalability and cost efficiency, allowing PSPs to handle increased payment volumes while maintaining high Straight Through Processing (STP) rates. The automation features contribute to faster transaction completion and lower operational expenses.

As part of the Temenos SaaS offering, organisations also gain access to regular updates that help them stay aligned with regulatory changes and evolving messaging standards. Temenos provides top-level security and performance guarantees through Service Level Agreements (SLAs) on a scalable platform. Representatives from Temenos noted that the introduction of the service is a demonstration of the company’s focus on innovation within the payments space.

They stated that the solution simplifies cross-border payments and allows PSPs to better compete in an evolving market. Officials from Datos Insights highlighted the growing volume of cross-border payments and the inefficiencies many companies face with manual processes. They emphasised that technology solutions like Temenos’ offering can help PSPs reduce costs and improve the speed of payment processing, enhancing the overall customer experience.

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