Temenos and Tech Mahindra forge strategic partnership for banking innovation
Temenos (SIX: TEMN), a global leader in banking software, has today announced a strategic partnership with Tech Mahindra (NSE: TECHM), a renowned provider of technology consulting and digital solutions. This collaboration marks a significant development in the financial services sector, especially for Electronic Money Institutions (EMIs) in the UK and Europe.
The partnership focuses on a core banking offering from Temenos, designed to be delivered through its Software as a Service (SaaS) model. This innovative solution targets EMIs, aiming to enhance their operational efficiency and market agility. The deal’s specifics highlight an offering that promises to significantly reduce the time and cost associated with bringing financial products to market.
The SaaS platform from Temenos will integrate composable banking capabilities with Tech Mahindra’s extensive service suite to offer a scalable, cost-effective, and secure banking platform. EMIs will gain access to features such as multi-currency accounts, physical and virtual cards, comprehensive client onboarding checks, and advanced payments orchestration. This suite is designed to support dynamic scaling, which is critical for the rapidly evolving financial sector.
By leveraging over 100 fintech partners from the Temenos Exchange, the platform not only promises operational enhancements but also ensures a breadth of customizable service offerings. This positions Temenos and Tech Mahindra as pivotal players in a market that includes nearly 600 EMIs across Europe, handling an estimated €35bn in client funds.
Mark Yamin-Ali, Managing Director – Europe at Temenos, emphasized the strategic value of this partnership, stating, “This collaboration will help us to bring the agility, cost-efficiency, and sustainability benefits of Temenos SaaS to even more financial institutions.” Similarly, Pankaj S Kulkarni, Head for BFSI – Europe at Tech Mahindra, highlighted the joint offering’s ability to meet the unique needs of the financial sector, enhancing the companies’ competitive edge in technology services.
The initial rollout of this service is taking place in the UK, a significant hub for EMIs, with plans to expand across the European Union. This strategic move is likely to catalyze further innovation in the financial sector, encouraging more rapid development and deployment of financial services.
The partnership between Temenos and Tech Mahindra is set to redefine the landscape for EMIs by offering a robust, scalable, and efficient banking platform. This not only supports the current needs of financial institutions but also prepares them for future challenges, reinforcing the importance of technological agility in the financial sector.