Convera selects Temenos to modernise payments in the cloud

Convera has chosen to adopt Temenos’ Software-as-a-Service (SaaS) in order to enhance payment processing efficiency, from inbound funding to outbound disbursements, and achieve significant scalability goals. By leveraging Temenos SaaS, Convera aims to double its payments volumes by 2028, expand its payment rails, and effectively compete in the dynamic payments market.

Convera plans to revamp its payments engine by gradually replacing outdated systems with Temenos' scalable platform. This strategic move will establish a standardised platform for Convera's international commercial payments. Leveraging Temenos' platform capabilities, such as intelligent payment routing through Convera's global partner bank network, will lead to increased efficiencies and improved customer service. Additionally, Convera intends to leverage Temenos' data hub capabilities for real-time data management. The seamless integration between Temenos' composable platform and Convera's existing infrastructure, which includes integrated compliance systems and payment gateways, will boost automation and time to value.

Efficient payments processing and increased business agility

Temenos' highly scalable platform, coupled with its proven localisation and ongoing investment in US and global compliance, will enable Convera to process payments efficiently and uniformly. With Temenos' cloud-native platform, the B2B payments provider will have access to real-time payments and enhanced resilience, providing the necessary business agility to capitalise on new market initiatives like instant payments and ISO 20022. Moreover, Convera aims to further improve its straight-through processing (STP) rates through advanced exception handling facilitated by its partner.

Previously part of Western Union, Convera is a non-bank fintech in global B2B payments, simplifying cross-border money transfers for its customers. Its comprehensive range of services spans currency exchange, hedging solutions, and operations in 140+ currencies across 200+ countries and territories. Convera serves a diverse customer base of over 30,000 clients, ranging from small business owners and enterprise treasurers to educational institutions, financial institutions, law firms, and NGOs.

The selection of Temenos followed a competitive evaluation process involving US incumbent vendors and specialised payment vendors. Temenos stood out by offering a unified platform encompassing all banking verticals, fintechs, and associated business segments, including payments and core banking. Consequently, Convera will benefit from higher investments in research and development (R&D) by partnering with Temenos.

Officials from Convera said the Temenos payments platform will underpin Convera’s growth strategy as it transforms into a modern, technology-led, global B2B payments organisation, focused on innovation, value, and augmented customer service. After an extensive assessment, they selected Temenos both for its cloud technology capabilities and the trust in the team and its local operations. Temenos is the platform of choice for massive scale. They have a clear path for global expansion and look forward to partnering with Temenos with its global expertise to support them along the way.

Representatives from Temenos added that they see tremendous growth opportunities in the payments space, and they continue to heavily invest in their single code base across core banking and payments. With Temenos Payments Hub running on Temenos SaaS, Convera will have a modern payments platform which can scale massively and propel its expansion plans. With their SaaS solution, Convera will stay agile and at the forefront of innovation and deliver fast, reliable, and transparent payment services to its corporate customers. Temenos offers a proven SaaS model together with robust US pre-configured capabilities, which is compelling for financial institutions of all sizes to move to Temenos.