Aktia partners with Temenos to modernise payments

Wednesday 18 October 2023 14:41 CET | News

Switzerland-based banking software company Temenos has announced a partnership with Finland-based wealth manager bank Aktia to modernise payments.


The Aktia bank chose Temenos Payments Hub to support the introduction of pan-European instant payment services and consolidate all payment processing rails onto a single platform.

Payments’ modernisation and Temenos – Aktia partnership details

Per the press release, the move comes as part of a strategic platform modernisation to deliver an improved customer experience for domestic and cross-border payments with better efficiencies and to meet the ever-changing regulatory and compliance requirements. Aktia serves over 250,000 individuals and more than 20,000 corporate and institutional clients and already runs on Temenos for core banking. Aktia provides extensive banking and wealth management services through close collaboration between its three business areas, namely asset management, banking, and life insurance, and the addition of Temenos Payment Hub is set to enable the bank to simplify and standardise its payment operations for all customers.

By running core banking and payments on a robust, API-first, flexible, and highly configurable platform, the bank benefits from integrated accounts and payments processing and low latency execution which is needed to provide high levels of Straight Through Processing (STP) and efficient customer experiences. Additionally, the single Temenos platform enables increasingly fast and low-cost updating and maintenance, resulting in a lower total cost of ownership.

Aktia partners with Temenos to modernise payments

Selecting Temenos’ cloud-native and cloud-agnostic platform also helps future-proof Aktia’s tech strategy, enabling an initial on-premises, flexible installation for a simplified migration of its core banking and payments to the cloud or to SaaS. What is more, Temenos Payments Hub has increased scalability capabilities, handling all payment types and schemes.

More to this point, the announcement details that Temenos provides a single platform across all banking verticals and business segments including payments and core banking, and due to this, its clients can benefit from a higher, sustained level of investment in R&D. Recently, Temenos has certified for the FedNow programme in the US and announced a separate collaboration with global payments provider Convera to help modernise its payments infrastructure in the cloud.

When commenting on the current partnership, Aktia representatives stated that it marks an additional step towards the enterprise’s vision of becoming a top wealth management bank by offering an advanced customer experience. As Aktia offers private individuals, corporate customers, and institutions customer-oriented banking and financing solutions, the spokesperson believes Temenos to enable the delivery of the best customer experience possible with increasingly fast, convenient, and user-friendly payment options in a secure and efficient manner.

Temenos officials added that payments have become a significant strategy point driven by new networks, technologies, business models, and, importantly, customer expectations. The spokesperson expressed content towards having the Temenos platform selected by banks like Aktia for the transformation of their payment capabilities, stating that they have noticed growth opportunities in payments and continue to invest in their single code base across core banking and payments to make the offering more compelling.

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Keywords: partnership, fintech, banking, paytech, instant payments, compliance, wealth management, API, SaaS, cloud
Categories: Banking & Fintech
Companies: Aktia, Temenos
Countries: Finland
This article is part of category

Banking & Fintech




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