Temenos has announced that the e-wallet STCPay has selected Temenos Payments and Temenos Transact running on a private cloud to expand its digital payments capabilities.
Real-time, API-first Temenos Transact and Temenos Payments will provide a single, digital platform on which STCPay can create and update digital services for retail customers.
STCPay, a subsidiary of STC Group, is Saudi Arabia’s largest mobile wallet app. Launched in late 2018 by STC, the digital challenger aims to provide new technologies and digital payment experiences to customers and facilitate transactions that are easy and secure.
Temenos Payments will be integrated with Temenos Transact, the next-generation core banking product, and deployed on private cloud to provide resilience and scalability to support large volumes of digital payments. This will provide STCPay with timely benefits in light of regional trends towards cashless banking as a result of COVID-19.
Temenos Saudi model bank will deliver pre-configured, country-specific capabilities and regulatory compliance to support STCPay to roll out its new platform in a short timeframe. With model bank capabilities for more than 150 countries, Temenos’ software will support the seamless onboarding of new geographies across the Gulf Cooperation Council (GCC) and scale as STCPay’s business grows.
Temenos is collaborating closely with Red Hat to create a standardized cloud operating model for STCPay based on a collection of enterprise-grade, open-source technologies, including Red Hat OpenShift, Red Hat Quay, Red Hat AMQ Streams, and Red Hat Storage. The collaboration will provide STCPay with the combined strengths of cloud-native and open source technologies.
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