Following this announcement, Temenos’ integration with Mastercard Move’s full range of money transfer services is set to offer banks and financial institutions, as well as their customers more choices in the manner in which they send and receive money abroad.
In addition, both companies will focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
Mastercard Move’s solutions and tools were developed in order to enable banks and financial institutions to move money internationally in a secure and efficient manner, through the use of Mastercard’s extensive global network. With multiple endpoints in over 180 countries, recipients will have the possibility to choose from several disbursement options, including bank accounts, cash pick-up locations, mobile wallets, and cards.
Throughout the integration of Mastercard Move into Temenos Payments Hub, Temenos clients and users will be enabled to quickly and securely integrate Mastercard Move’s cross-border capabilities, as well as to consolidate with other payment rails on the single Temenos platform. This process will take place while also linking several payment sources and channels with multiple clearing and distribution networks and services.
The Temenos Payments Hub was developed on a flexible cloud-native, API-first architecture, and it is expected to manage multiple payment clearing rails and solutions, as well as payment types and schemes through smart routing. This will happen alongside the needed scalability to meet the demands of a rapidly evolving and expanding payment landscape. In addition, banks will have the possibility to benefit from a streamlined process to deploy, maintain, and scale ongoing interoperability for cross-border transactions, providing customers with efficient international payments and making them the ultimate beneficiaries.
Mastercard Move will be made available to banks and financial institutions through the Temenos Exchange ecosystem of fintech solutions.
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