Tempo France to supply Philippines with business payments solution

Friday 4 August 2023 09:20 CET | News

Tempo France, an EU-based payment system operator, has planned to supply the local Philippine market with a complete business solution for remittances from the EU to the Philippines.

The firm has signed an agreement with Cebuana Lhuiller, a local multi-industry company, to provide the latter with a complete white-label package. With this contract, Cebuana is able to conduct money transfers from the EU to the Philippines under its own brand name. The package encompasses a wide spectrum of services, including a fully branded mobile app, legal coverage of transfers within the European Union, financial settlements as well as an IT solution. Additionally, it includes all aspects of security: Know Your Customer (KYC), and Asset/Liability Management (ALM). Moreover, this package will be offered in a ready-for-use state.

The IT solution powering this offer was designed and developed in collaboration with Tempo’s strategic partner, Armenotech, a Cypriot international fintech company. The core IT feature is the Stellar blockchain, allowing for high-security and effective money transfers. Once launched, the project will enable individuals from Europe to send money using the app and afterwards for receivers to collect pesos at Cebuana Lhuiller locations all across the Philippines. Based on the Stellar blockchain, the solution incorporates an important set of parameters, including high transaction speed, safety, and presenting money transfers at a minimal cost.

Tempo France, an EU-based payment system operator, has planned to supply the local Philippine market with a complete business solution for remittances from the EU to the Philippines.  

More about Tempo France and its recent developments 

The company has been completing projects bringing Stellar technologies to remittances in Europe and the Asia Pacific region. Tempo France has been actively implementing more than 100 modern payment methods in countries around the world. The firm partnered with Armenotech in January 2023, aiming to jointly strengthen its activities in the international payment market and further stimulate an intensive integration of Stellar blockchain on a global scale. 
In April 2023, Tempo France and Armenotech took a decision to partner with fintech nTokens to allow remittances to Brazil from the European Union. As per the information given in the press release, following the introduction of the high-tech remittances, people were able to send money leveraging the Tempo mobile app, with clients of more than 170 Brazil-based banks set to be able to receive said funds within their bank accounts. 
In May 2023, Tempo France and Armenotech partnered with Canada-based Advanced Payment Solutions (APS), to fulfil new strategic goals, such as projects that aim to bridge traditional finance and digital finance. In essence, the projects that are being developed allow corporate customers to convert traditional money to digital assets and vice versa.  
In March 2023, Tempo France announced its partnership with Sift, a fraud detection provider that specialises in fostering digital trust and safety. The companies joined forces in order to fight fraud, scams, and other online threats aiming to make payments safer within its application as well as focusing on offering an improved customer experience. Moreover, the collaboration seeks to streamline the in-app experience for legitimate clients and users. 

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Keywords: remittance, cross-border payments, blockchain, partnership, fintech, financial services
Categories: Payments & Commerce
Companies: Tempo
Countries: Europe, Philippines
This article is part of category

Payments & Commerce


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