Temenos has announced that Temenos Payments Hub, a payments solution, is available as the first of its kind on IBM Cloud for Financial Services.
The payments solution aims to support banks in their digital transformation journey, designed to help banks leverage new security and compliance protocols and deploy initiatives such as FedNow Instant Payments in the US and SEPA in Europe.
Temenos Payments Hub is the first payments solution to be secured on the IBM framework, and is running on Red Hat OpenShift with IBM Power, and LinuxONE.
Ross Mallace, EVP global head of SaaS and partner ecosystem at Temenos, stated: “Following on from a number of recent wins for SEPA Instant processing in Europe and our certification for the FedNow program in the US as well as a win with a global payments leader, Temenos sees tremendous growth opportunities in the payments space. With Temenos Payments Hub, banks can quickly implement instant payments services like FedNow and can then proceed to progressively modernise their payments capabilities. We continue to invest in our single code base across payments and core banking, which is helping banks accelerate time to value.”
The solution, which was announced at Sibos 2023 in Toronto, will assist financial institutions in accessing new innovations in payments, prioritising risk reduction through built-in security and compliance infrastructure. The product will enable banks to operate on the hybrid cloud.
Prakash Pattni, managing director of financial services digital transformation at IBM Cloud, commented: “With Temenos Payments Hub now available on IBM Cloud for Financial Services, we are continuing our longstanding collaboration with Temenos to help financial institutions around the world deploy next-generation banking technology, improve customer experience and reduce costs. The payments ecosystem is at an inflection point for transformation and we believe this collaboration can be a catalyst for change – helping organizations on their payments modernization journey. With our work together, IBM and Temenos are committed to empowering banks to embrace instant payments in a hybrid cloud environment while helping the banks address challenges in security, governance and compliance.”