Switzerland-based Temenos (SIX: TEMN), a banking software company, has teamed up with ClearBank, a challenger clearing bank (the UK’s first new clearing bank in over 250 years), in order to help local banks access UK’s payment platforms and real-time payment services in the cloud.
Clearbank’s API-powered services will be used along with Temenos Payments, a cloud-based payments platform. These combined services will be used to provide an end-to-end service, which will allow users to access real-time payments channels, including Bacs, CHAPS and Faster Payments.
Des Noctor, Regional Director at Temenos UK, stated:
“The payments market is growing at an astronomical pace in response to digital banking adoption and swelling payments volumes.”
Noctor added:
“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.”
He noted that his company will work with ClearBank, in order to “extend this offering to provide the most comprehensive offering for UK banks deploying payments in the cloud.”
Temenos and ClearBank’s management stated that adopting innovative technology will assist banks and other financial institutions in offering future-compatible payments platforms. The appropriate technology solutions will also make it easier to adhere to changing payment regulations, the companies said.
In January 2020, Temenos introduced banking distribution services through its Temenos Infinity digital front-office banking product. The company said that Temenos Infinity is the first core-agnostic product to give banks the ability to continuously transform at scale, creating artificial intelligence (AI)-enhanced customer experiences.
