Following this announcement, ZainCash is expected to go live with Temenos core banking and payments in order to accelerate the overall development and optimisation of its digital payment services.
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.
The partnership represents an important step in the strategy of the Iraqi government and the central bank to develop and accelerate financial inclusion and expedite the digital transformation of the national economy. ZainCash will have the possibility to expand its operations more effectively and securely, elevate its customer experience, as well as swiftly and quickly introduce new tools. The company will continue to focus on designing and delivering improved digital payment products to a broader spectrum of Iraqi customers, merchants, as well as small and medium-sized enterprises (SMEs).
Through this partnership, ZainCash has combined its core banking and payments capabilities on Temenos’ flexible, composable, and secure banking platform. The implementation is expected to enable easy integration with existing internal systems, as well as with the Central Bank of Iraq. In addition, the platform is expected to enable the company to scale quickly in order to meet the growing customer demand.
At the same time, ZainCash will use Temenos’ modern technology architecture with open APIs in order to launch a range of new services, including instant lending. The company is set to provide customised products for specific groups, such as families or students, while offering a digital and secure onboarding process as well.
The system is expected to also play an important role in the company’s humanitarian support for the United Nations by enabling ZainCash to deliver larger volumes of funds for the refugees with increased speed, stability, and an overall improved customisation of solutions. Furthermore, ZainCash will benefit from a higher, sustained level of investment in R&D, as well as faster and lower-cost maintenance and updating, which is expected to result in a lower total cost of ownership.
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