Temenos Launches Service for UK/EU EMIs With Tech Mahindra

Leading fintech and core banking provider Temenos has partnered with Tech Mahindra to launch a new service on Temenos SaaS.

The service will enable Electronic Money Institutions (EMIs) to launch or scale their operations with integrated core banking, payments and financial crime mitigation capabilities at a lower cost, achieving faster time to market. 

EMIs: Benefits of choosing Temenos

Not only will EMIs that select Temenos for its core banking services benefit from faster time to market – but thanks to its partnership with Tech Mahindra – Temenos can now enable its clients with lower operational costs, scalable architecture and access to over 100 curated Temenos Exchange fintech partners. 

This will empower Temenos clients to offer customised and differentiated services to their end customers. 

Available on Temenos SaaS, the new offering is designed to offer EMIs a cost-effective, scalable and secure banking platform, enhancing their ability to launch operations swiftly with a suite of pre-configured, composable banking capabilities.

EMIs can now access features including multi-currency accounts, virtual and physical cards, client onboarding checks, domestic and international payments orchestration and routing, transactions screening, and regulatory reporting.

What’s more, the service also gives EMIs the flexibility to incorporate additional banking functionalities as they scale, helping them future-proof their operations. 

It is not only available for large-scale EMIs either but can be leveraged by start-ups and challenger banks to springboard financial innovation as a cost-effective yet functionally robust foundation to develop financial products and services rapidly.

Currently being rolled out in the UK, the service will initially support UK-only EMIs before being rolled out across the European Union. There are almost 600 EMIs in Europe, holding up to €35bn (US$37.5bn) in client funds, and Temenos hopes to serve as many as possible. 

Mark Yamin-Ali, Managing Director - Europe, Temenos, says: “With almost 600 EMIs in Europe, this partnership opens a large new addressable market for Temenos, and combines our market-leading SaaS banking capabilities with Tech Mahindra’s technology services expertise. 

“This collaboration will help us to bring the agility, cost-efficiency and sustainability benefits of Temenos SaaS to even more financial institutions. Together, we can help EMIs launch innovative payments services faster, reduce operational costs and gain greater speed to market.”

Tech Mahindra: Empowering a proposition of value

As for Tech Mahindra, the move solidifies its position as the consulting and digital solutions provider helping enterprises deliver transformation at speed. 

Pankaj S Kulkarni, Head for BFSI - Europe, Tech Mahindra, adds: “Our collaboration with Temenos creates an unparalleled value proposition in the fiercely competitive financial services sector.

"The joint offering combines the agility of Temenos' open, composable banking platform with our comprehensive suite of services, including customised implementation and managed support. 

“This aligns with our focus on delivering next-generation technology services that achieve ‘Scale at Speed’ to meet the distinct requirements of our customers."

In April this year, Technology Magazine spoke with Tech Mahindra’s Manish Mangal at MWC Barcelona 2024, on leveraging AI to modernise the telco industry. 

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