This collaboration aims to leverage Temenos' composable banking capabilities and Tech Mahindra's services to enable EMIs to expedite their time to market, reduce operational expenses, and access a curated ecosystem of over 100 Temenos Exchange fintech partners. The offering on Temenos SaaS is designed to provide EMIs with a scalable and secure banking platform featuring pre-configured banking functionalities specific to the EMI sector, including multi-currency accounts, card management, client onboarding, payment processing, transaction screening, and regulatory reporting.
The service also supports dynamic scaling and cost efficiency, allowing EMIs to integrate additional banking functionalities as needed thus supporting their growth and operational resilience. This solution aims to support financial innovation and is targeted not only at EMIs but also at startup banks, challenger banks, and smaller established banks looking for a robust foundation to rapidly deploy financial products and services.
Initially launching with an EMI in the UK, the service will cater primarily to the UK market, which hosts approximately 250 EMIs according to the official press release. Future plans include extending the offering across the European Union, which is home to nearly 600 EMIs managing an estimated EUR 35 billion in client funds according to the same source.
Officials from Temenos highlighted the partnership's potential to expand Temenos' market reach significantly in Europe, bringing the benefits of Temenos SaaS to a broader range of financial institutions. Representatives from Tech Mahindra emphasised the joint offering's ability to deliver agility and customisation through Temenos' Open Banking platform and Tech Mahindra's suite of services.
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