Following this announcement, Libra Internet Bank is set to leverage Temenos Payments in order to facilitate ISO 20022 cross-border payments and reporting (Swift CBPR+) on the Swift network. The bank will also use Temenos’ scalable and secure platform to add additional payment rails in the future, aiming to bring them together in a single, efficient, and safe platform for its clients to utilise. The partnership will also optimise the bank’s overall process of development, which aims to double the payments’ volumes over the next five years.
Libra Internet Bank already uses Temenos’s core banking, and the incorporation of its payment offerings will allow the financial institution to simplify and standardise its overall payment operations. Customers will be given the possibility to benefit from its capabilities while using a single platform, which increases Straight Through Processing (STP) rates, as well as improves user servicing.
The platform is set to support the new ISO 20022-based cross-border payments, as well as the reporting standards and requirements, while also expanding data transparency and payment tracking solutions. Its payments rooting capabilities, and advanced exception handling are set to improve the overall efficiency and client experience.
Temenos’ comprehensive range of pre-built APIs will enable an easy and secure integration process with Libra’s existing payments infrastructure, as well as third-party providers. Libra Internet Bank is set to be allowed to optimise its sanctions screening procedures as well by using Temenos Financial Crime Mitigation service. This aims to standardise robust, scalable integration points with Temenos Payments.
As Temenos provides a single platform across all of its banking verticals and business segments (including core banking and payments), Libra Internet Bank will be enabled to benefit from higher investment in R&D. Furthermore, the financial institution will also be able to replace its payments legacy systems progressively, as well as to accelerate time to value. Temenos’ recent strategy of development
Switzerland-based banking software company Temenos had multiple partnerships and product launches in the last couple of months, covering several different geographic areas around the world.
In September 2023, Temenos teamed up with US-based Varo Bank in order to meet business needs and support regulatory requirements. Following this announcement, Temenos was set to enable the bank to scale based on client demands, reduce operational costs, as well as to deploy new products.
Temenos Banking Cloud was leveraged by Varo Bank to meet the needs, preferences, and demands of its customer base, and to improve its overall development and profitability initiatives. After implementing Temenos services, clients received decreased costs, and tech-driven banking solutions, which resulted in a more stable financial life for US-based users. In addition, the partnership allowed an expansion of its financial inclusion, as well as optimised financial wellbeing for clients.
Earlier in the same month, Temenos launched a secure solution for banks and financial institutions, by using Generative AI for automatically classifying customers’ banking transactions. The launch aimed to make fast and accurate classifications of transactions, with a high degree of accuracy in different languages.
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