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24th March 2020
Temenos and ClearBank form strategic relationship to provide seamless payments in the cloud
Temenos, the banking software company, and ClearBank, the cloud-based clearing bank, have formed a strategic relationship to provide banks with access to UK payment systems and a faster route to market for seamless real-time payments services in the cloud.
The relationship will utilize the capabilities of Temenos Payments, a universal cloud-native, cloud-agnostic payments platform, and lower the barriers to entry into the UK payments schemes through ClearBank’s proven clearing connectivity. Temenos and ClearBank’s joint customers will benefit from a comprehensive, end-to-end service and rapid access to real-time payments services, including Bacs Payment Schemes Limited(Bacs), CHAPS and Faster Payments, through ClearBank’s API-based services.
Temenos and ClearBank’s cloud-native banking technology will deliver tangible business benefits to customers by reducing the time to market, cost and complexity involved in deploying seamless payments services. The synergistic collaboration will also future-proof banks’ payments capabilities, supporting them to easily comply with changing payments regulation and adapt their services to new local schemes.
Charles McManus, Chief Executive Officer, ClearBank, stated: “We are delighted to form this strategic relationship with Temenos and extend the capabilities of our cloud-native banking services to reach a greater number of banks and financial institutions in the UK. Temenos’ market-leading banking software serves a truly global customer base and we are excited to expand our combined offering outside of the UK payments market as our alliance strengthens over time.”
Des Noctor, Regional Director, UK, Temenos, comments “We are excited to form a strategic business relationship with ClearBank. The payments market is growing at an astronomical pace in response to digital banking adoption and swelling payments volumes. At this pivotal time, it is vital that banks have a fast and effortless route to market so they can quickly respond to customer appetite for real-time cloud payments. Powered by cloud-native, cloud-agnostic and AI-enabled technology, Temenos Payments provides the richest payments functionality for seamless, real-time customer experiences. Together with ClearBank, we will extend this offering to provide the most comprehensive offering for UK banks deploying payments in the cloud.”
Temenos is the named Leader in the 2019-2020 IDC MarketScape for worldwide integrated payment platforms. Temenos Payments also ranked top best-selling payments system in the IBS Sales League Table 2019.
Temenos Payments is a universal cloud-native and cloud-agnostic platform which enables the centralisation of payment processing for banks of any size and complexity. The fully configurable solution is natively architected using ISO20022, and provides support for any real-time domestic scheme or regulatory initiative. It provides flexibility to process payments from any channel, source and message or file format in real time and enables active management of time critical processes to drive operational efficiency. Temenos’ unified payments data model also enables access to all data in real-time with advanced analytics and provides a full 360-degree view of the payments business.
Temenos Payments can be deployed as a standalone solution, or can be connected to any third party core banking system, including Temenos Transact.