This integration will be accessible to banks through Temenos Exchange, which is the company's ecosystem of partner solutions. Visa Direct facilitates real-time cross-border and domestic payments to over 190 markets in 160 currencies. It supports various use cases including person-to-person payments, funds disbursements, and bill payments.
By incorporating Visa Direct into Temenos Payments Hub, Temenos aims to provide its customers with seamless access to Visa Direct's payment capabilities alongside other services on its platform. This integration is designed to efficiently connect multiple payment sources and channels with various clearing and distribution networks.
Temenos Payments Hub operates on a cloud-native, API-first architecture, managing multiple payment-clearing rails, services, and types. It includes smart routing and scalability to meet the evolving demands of the payments landscape.
In the company press release, officials from Temenos emphasised the company's commitment to enabling banks to deploy Visa Direct services quickly via Temenos Exchange. They also highlighted the benefits of combining Visa Direct with Temenos' Payments Hub and integrated account services to improve international payment experiences for customers.
Officials from Visa expressed enthusiasm about the collaboration, stating that it will streamline the deployment and scaling of cross-border payment solutions. They also underscored the potential for banks' customers to benefit from secure and efficient international payment options through this integration.
Temenos has entered several partnerships in recent months, including a collaboration with Tech Mahindra and another with Eurobank Cyprus.
In July 2024, Temenos worked with Tech Mahindra to deliver a core banking solution on Temenos SaaS designed for Electronic Money Institutions in the UK and Europe. This collaboration aimed 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.
In June 2024, Eurobank Cyprus has gone live on Temenos, aiming to complete a full IT refresh of its core and digital banking systems. Following this announcement, the initiative aimed to further strengthen the financial institution’s customer services and overall competitive position as the primary bank of choice across international, corporate, affluent, and wealth management segments.
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