Switzerland-based banking software company Temenos has partnered with IBM to integrate its payment capabilities into the IBM Cloud for Financial Services. The IBM Cloud for Finance Services represents an industry-specific platform that was designed to accelerate financial institutions’ digital transformation processes with a focus on security and compliance.

Following this partnership, the Temenos Payments Hub will be incorporated into IBM Cloud for Financial Services, making the platform available across all the IBM hybrid cloud infrastructure. This runs on Red Had OpenShift with IBM Power, as well as LinuxONE. Both of the companies will combine their solutions in order to enable the coexistence of hybrid cloud platforms, as well as to provide banks with the needed tools for the digitalisation of their technology stacks.

. Temenos Payment Hub offers banks and financial institutions the possibility to leverage new payment initiatives, such as the FedNow Instant Payments Service in the US, or the SEPA Instant service in Europe. Besides, they can also deliver their customers efficient, secure, and digital banking products.

Furthermore, IBM Cloud for Financial Services will focus on reducing risks throughout the supply chain through the process of addressing performance, security, resiliency, and regulatory compliance obligations and requirements for financial institutions. Temenos’s Payments Hub aims to allow customers to deliver fast, reliable, and transparent payment solutions without needing to build and maintain client security or make compliance controls themselves. Financial institutions will be given the possibility to benefit from new services, while also delivering a secured platform to modernise their overall payments capabilities on a single code base across the composable banking platform of Temenos.  Temenos’ recent partnerships and collaborations The banking software company had multiple partnerships and collaborations in the last couple of months, covering different geographic regions around the globe.

In September 2023, Romania-based Libra Internet Bank announced its strategic deal with Temenos in order to deliver cross-border payments and to facilitate ISO 20022. The bank was set to use Temenos Payments to facilitate ISO 20022 cross-border payments and reporting (Swift CBPR+) on the Swift network. Libra Bank also leveraged Temenos’ scalable and secure platform for adding additional rails in the future, focusing on bringing them together in an efficient and safe platform for its customers to utilise.

The partnership also focused on optimising the financial institution’s overall process of development, which aimed to double its payment volumes in the following five years. Clients and users were enabled to benefit from its capabilities and offerings while using one platform. This was set to increase Straight Through Processing (STP) rates, as well as to improve user servicing.

Earlier in the same month, US-based Varo Bank extended its collaboration with Temenos Banking Cloud in order to meet the needs, preferences, and demands of businesses, and to support regulatory requirements. Temenos allowed the bank to scale based on client demands, reduce operational costs, and deploy new solutions in an effective and safe manner. .