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Core banking on cloud

Core banking on cloud

Over the years, the cloud has emerged as a mainstream technology for the banking sector. Despite its uptake, banks have taken a measured approach to cloud adoption. Citing security and regulatory concerns, most banks are in the early stages of cloud maturity.

The COVID-19 pandemic created a new urgency for cloud solutions. With continued banking disruption, the traditional core architecture is no longer enough to deliver new products and services at the required pace. Most banks are aware of the importance of core banking systems but have no defined strategy.

The question that most bank leaders have to address is can next-gen cloud-based core banking systems replace traditional core banking systems?

Banking innovation roadblocks

Legacy technology is a major stumbling block for banking innovation. The monoliths are cumbersome and running on obsolete technology with little to no updates. Legacy systems form the core of banking operations and have stood their ground through the technological storm. But these systems weren’t designed for the fast-moving digital age.

The rigid organizational structure and siloed nature of working is also a barrier to innovation in banking. While we see a rise in cloud adoption, the shift means more than just migrating the IT assets. The complete adoption of cloud calls for an agile, forward-thinking mindset. The culture of innovation requires a change in attitude and adopting a customer-centric approach. Banks are typically risk-averse, especially when it comes to core replacement. The process is expensive, time-consuming, and even a tiny misstep could lead to service disruption and attract regulatory scrutiny.

Adopting innovation accelerants

Next-gen cloud-based core banking systems address evolving needs of the banking market. According to Mckinsey, the technology could significantly reduce time to deliver new functionality such as address change from a mobile application or peer-to-peer payments. Cost reduction, scalability, and efficiency are driving the cloud market.

Operating in the cloud offers banks the key differentiating factor in a competitive landscape. Some of the key benefits include:

  • Reduce time to market new products – Cloud environment provides agile and DevOps environments that support the rapid development of products, services, or feature enhancements being brought to the market fast.
  • Agility to innovate – Capitalize on market opportunities by leveraging emerging technologies such as artificial intelligence, machine learning, blockchain, etc.
  • Reduce overall operating costs – Banks can reduce their overheads by not owning every IT-related asset. Rather these can be purchased as services from various cloud providers and eliminate the need for on-premise servers.
  • Enterprise synchronization – Cloud core banking unifies banking functions, standardize applications and processes. The synchronized systems allow for easy alignment of technology and business operations. Several service providers help banks bring together their operations and functions with an integrated platform. For instance, Temenos has been the number one core banking solution in the world, supporting more than 3000+ customers. They are providing cloud based platforms with cloud-native microservices architecture approach and tools. The integrated platform-led core banking solution is cloud-agnostic, API-led, and artificial intelligence-enabled. Temenos cloud based solutions are highly secured and compliant, designed with robust practices, policies and procedures for assuring comprehensive customer protection.

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The conventional thinking for moving Core banking on cloud

While legacy core banking systems are known to be non-agile, rigid, scale-constrained, and working in siloes. Most banks still rely on it due to challenges  and conventional thinking in adopting cloud-led core banking such as:

  • Moving too fast – The banking application landscape is one of the most complex software. Thus, upgrading legacy systems is difficult and expensive. Moving to the cloud too fast also slows down the pace of IT modernization.
  • Complete reliance on the cloud – Traditional banks are still hesitant to abandon a functioning system and rely heavily on the cloud. With stringent regulatory and compliance norms, the interaction and dependency on third-party is cause for data security concerns. Moreover, handing over control of critical business applications to a third-party service provider is a risk that most banks do not wish to take.
  • Evolving relationship between data, regulation, and innovation – Over the years, the regulations have increased focus around consumer data safety. From GDPR to open banking regulations, banks’ overheads have increased due to changing regulations and restricted their ability to innovate. Balancing regulations and innovation is an uphill task. But banks can work with regulators and cloud providers to provide a transparent process that would placate the involved parties.

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The COVID-19 pandemic highlighted the need for more user-centric digital solutions for employees and consumers. As the world came to a halt, cloud-based services were the need of the hour for businesses to sustain themselves. With cloud-led core banking systems banks can accelerate and scale their next technology transformation, future-proof the foundation against further crises.

While core banking system is not a priority for most banks, this is the right time for banks to shift from a reactive phase to a proactive phase. Temenos cloud based core banking solution is the right choice for banks to #AccelerateNext. Maveric as a certified Temenos partner, offers end-to-end analysis, implementation, upgrade and support services. With our proven product mastery, our solution specialists guide banks to extract maximum value from their Temenos investments. Get your bank future ready with cloud based core banking solutions.

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Temenos Solution for PSD2 and Open Banking Payments

Temenos Solution for PSD2 and Open Banking Payments

The concept of open banking is one big catalyst for the banking business to achieve the digital transformation. The Banks which can implement the open banking system, allows the third-party providers to access the financial information data of the banking customers through the application programming interfaces (APIs). It is a collaboration between banks and other players within the banking ecosystem. For any consumer, API is an information to be shared between applications with their prior knowledge. Primarily the data collected and shared with third party financial institutions are for better services, lifestyle amenities and managing finances.

The various kinds of data that can be shared are like

  • Product data (info about rates, fees, etc.)
  • Customer data (info about phone number, email and home address, etc.)
  • Account data (info about account details, balances, transactions, etc.)
  • Payment transaction data (info about payment initiation, cancel payment, payment status, etc.)

How Banks facilitate Open Banking?

As banks attempt to broaden and improve their digital offerings, countries and regions have approached open banking in different ways. Europe (EU) have legislated, obliging all banks to open their data and payments—with customers’ consent—to third-party providers. The concept of open banking has accelerated with the  introduction of European-led Payments Services Directive (PSD2), which enables regulated Third Party Providers (TPPs) to access customer’s bank accounts via secure APIs.

Key provisions of the Revised Payments Directive:

  • Regulatory requirement for Open API (Sharing the banking data without sharing login credentials) and access to account data (Xs2A)
  • Strong (2-factor) authentication mandatory across all channels. OAuth 2.0*4 is a standard likely to be used by both banks and third parties.
  • Transparency of detailed information to the payer before the transaction execution like Charges, FX, dates, and execution times.
  • One leg in and out transactions– A broader geographical reach where one party is outside the EU/EEA and any currency within the EU/EEA where there is no FX involved must be supported.
  • Higher consumer protection– limiting payer’s liability. PSD2 also contains guidelines on complaints handling.

Who’s who in the new PSD2 world:

PSD Roles

Temenos Solution:

Temenos provides a fully integrated front-to-back API-based solution architecture which fully corresponds to the commonly accepted industry definition of an API-based technology platform for open banking

Banks acting as Payment Service Providers:

Transparency of Payment Services – All payment service providers (AS PSPs, PISPs) must provide complete information (charges, FX, dates, and execution times) to the payer before execution of the payment and should execute on payor consent. After execution, it should provide the confirmation of the payment with these details. Similarly, the payment application user for execution should provide the details of payment with a break-up to the payee.

Temenos Payment Solutions (Temenos Payment Order and Temenos Payment Suite) provides front office payment initiation and mid/back office payment execution solutions, enhanced with additional payment information before and after execution of the payment, as mandated in the PSD2.

Payments Coverage PSD2 has widened the scope of its applicability to include “one leg-out” (OLO) payments, in any currency. They apply to payments initiated and ending in all the EU/EEA countries.

PSD Applies

Fig: One Leg Out (OLO) Foreign Currency Payment under PSD2

Payments between PSPs in member states involving any currency other than a Member state currency, should follow the value dating rules. Payer and Payee shall pay for the charges levied by his payment service provider

PSD Applies

Fig: Payment within EU/EEA –Other than Member State Currency under PSD2

Temenos Payment solutions will be enhanced to allow execution of payments as per the new rules, through configuration.

Payment Initiation Services – Banks can offer payment initiation services using the Temenos Payment Order solution. Temenos Payment Order deployed in Temenos frameworks, can request access to external (not within the processing Bank, TPP) account information via APIs and execute the payment orders. A payment can be simulated multiple times from the Temenos Payment Order.

Bank acting as Account Servicing Institutions:

Access to Accounts (XS2A) – Under PSD2, Banks servicing customer accounts should have the ability to provide access to account information required by PISPs and AISPs via APIs. As a mandate, information transfer happens securely through market standard APIs with 2-factor authentication for Account Servicing institutions. Temenos frameworks provide reliable, secure, and efficient access to data that can be exposed through APIs, once the standard validation checks are successful.

Access Accounts

Customer Authentication and Security – Banks should implement 2-factor authentication for communication with TPPs. Temenos use OAuth 2.0 for authentication and authorisation.

Account/ Payment Information Services – PSD2 defines “Account information service’ as an online service to provide consolidated information (balance, transaction history) on one or more payment accounts held by the Payment Service User (PSU) with either another payment service provider or with more than one payment service provider. Banks can act as online account aggregators, on providing access to TPPs to account information via APIs. Temenos uses Temenos Interaction Framework which will offer the requested APIs under PSD2.

Temenos support for PSD2 and Open Banking Initiatives

Temenos solution is designed to meet the new requirements of open banking market. The PSD2 features embedded in Temenos Transact and Infinity assist financial institutions on their journey to PSD2 compliance.

Temenos Transact supports financial institutions across the world with open banking compliance, which assists with API requests from regulated TPPs. Temenos utilizes PSD2 specific workflows to ensure sufficient authorizations are met, enabling secure communication with regulated entities. Temenos open banking functionality covers the following such as

  • Account Information Request.
  • Payment Initiation Request.
  • Funds confirmation
  • Berlin Group (API used widely across the EU) , Uk Open Banking Standard , etc.

 Temenos Infinity offers digital banking solutions with the ability to aggregate accounts, balance, and transactions from third party banks using standard open banking APIs from connection providers. The open banking aggregation with API requests to third party banks are on the following

  • Consent Management
  • Data Storage in Microservices
  • Digital apps to guide a user through the processes and viewing aggregated data
  • Utilize open banking connection providers for bank to bank API connections.

The benefits,

  • An integrated PSD2 solution within the core banking system
  • Fully integrated digital channels to support open banking aggregation
  • Temenos Fabric middleware layer for easily configure and integrate any PSD2 3rd party APIs
  • Visually map the PSD2 APIs and develop highly secure front-end channel applications with Temenos Quantum Visualizer

Conclusion:

Open banking is highly driven by regulations such as PSD2 and embraced with modern technology. Temenos provides an integrated and real-time open architecture that allow banks to seamlessly collaborate with their ecosystem partners. This is a flexibility built in Temenos, which allows seamless information access through open APIs. Maveric’s promise of connected core facilitates future ready solutions endowed with encyclopaedic Temenos proficiency to aid digital banking ecosystem.

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The rise of Software as a Service (SaaS) based Platform and Temenos Payments Hub

The rise of Software as a Service (SaaS) based Platform and Temenos Payments Hub

Cloud migration has become a regular habit in many industries. In the banking world, the first wave of cloud migration saw its wider acceptance in their internal business functions such as human resources, sales and marketing. This wave is now transitioning towards core applications and processes. Payments is one of those processes where banks are making their biggest bets for cloud migration.

The basic requirement for a bank to have a SaaS model is to have an architecture, in which all users and applications share a single and common infrastructure.  Frequent upgrades and updates induced by the SaaS providers also offers bank with a piece of mind to lower risks and implementation costs. This way, Banks can consume more services rather than worrying about managing and maintaining their own core applications. Additionally, it also allows them to free-up their IT staff to focus more on strategic business priorities.

Banks are now needed to focus on dynamic customer requirements to cater on real time payment/instant payments. However, to establish the infrastructure to have seamless operation and reduce significant effort and time, cloud based SaaS platform for payments is the way to go.

The outlook of digital payments

In the next four years, it is estimated that the global digital payments market will grow by USD 23.4 billion. Furthermore, our economy under the shadow of COVID-19, has already witnessed the booming growth in contactless payments. New disruptive technologies, fintech revolution, and evolving customer expectations are transforming the payments landscape to newer heights. Banking fraternities need to re-assess their payment ecosystems and adopt contextual solutions which offer frictionless experience across all channels and market segments. Banks who cannot support their customers with 24/7 payment service availability may soon extinct.

New fintech entrants are evolving with new age payment models and they are offering new age payment propositions by collaborating with existing banks. Innovative payment capabilities and methods can be introduced by financial institutions to build and grow their future digital ecosystem. Additionally, these initiatives often bring enormous business opportunities to the bank from eco-system partners.

Many small and mid-sized banks are still working on developing Open Banking APIs and have either just reached the compliance stage or are in the process of getting there. While the road to compliance is a milestone, banks that aim for more than compliance are set to benefit from the opportunities that Open Banking presents.

Temenos Payments in Cloud:

Temenos Payments supports banks across all sectors with a cloud-native and cloud-agnostic platform. This allows their customers to take advantage of agile scalability and security while reducing operational costs. The solution has in-built facilities to help them manage and monitor instant payment flows, ensuring high levels of automation on a platform built to support round-the-clock payment processing.

The Temenos Payments HUB (TPH) solutions can address the challenges by consolidating multiple payments processing systems into a single highly configurable payment solution. This way, banks can provide a single unified view by consolidating all the payment data, across all customer segments. Utilizing the latest technologies and APIs, TPH enhances the customer experience by providing a unified processing model across multiple channels and core banking environments.

Redefining payment efficiency with TPH

TPH is designed to help financial institutions of every size improve customer service, simplify payment operations, and reduce operating expenses by consolidating all domestic, international payment processing (ACH, Wire, SWIFT/ cross-border, Real-time) and payment data in a single centralized and parameterizable payment solution. API enabled TPH platform easily allows banks to seamlessly connect with new payment schemes.

Temenos payments can address any limitations whenever they occur, using the SaaS-based service, running on the same technology platform, supported by the same operational infrastructure and service provision. Temenos payments is capable of broad functional service coverage, given the limitations of the breadth of their offering and the restricted real-world experience. Thus, TPH has capability to provide a SaaS-based payments processing ecosystem. In my previous blog, I have put my views on the evolution of payments and how TPH can be an answer for meeting the ever-rising demands in digital payments.

Where TPH is recommended?

TPH is apt for banks having payments as one of the key business growth drivers and who are ready to host their solutions in the cloud. For example, since Temenos is cloud-native, the synergy between challenger banks and the payments software is close.

There is a very keen and growing interest in Software as a Service (SaaS) payments. Temenos is the best payment solution, which can deliver efficient SaaS being a complete cloud-native and cloud-agnostic solution. By choosing to strategic partner with a knowledge on SaaS solutions, banks can wisely invest in SaaS payments model.

Temenos Payments Hub

Final Thoughts

Digital payments will roost the charts in the years to come. Banks would seek for new-age payment solutions which are highly efficient, cost-effective and profitable in today’s world of digital progression. Thus, SaaS based model will see

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7 Tips to design your Temenos Transact Products in an Effective Way!

7 Tips to design your Temenos Transact Products in an Effective Way!

Are you ready to implement Temenos Transact and design your future financial products? Have you considered an effective product path strategy to satisfy your ever-growing customer needs? Every business leader seeks right answers for such questions when you put your critical investments in line for aiding your banking operations. Product functionality coverage isn’t just enough to help you achieve your desired business goals, there is always a world outside of that which includes robust performance and easy maintenance of the product.

The essence of product design is to satisfy customer needs at every cost and maximize the returns from the product. In many cases, incorrect product design or improper integration lead to undesirable consequences.  It is pointless to implement a market leading solution to your Bank without adequate planning for its optimal design and use cases. With my long association with Temenos Transact and experience in multiple implementation projects, I have penned down 7 tips to build your Transact products in a constructive way.

The 7 Tips to design your Temenos Transact Products

  • Group products based on common functionality

    As we know, the primary key benefit of Transact is Reusability. For the best utilization of it, the first step of product design should be identifying all common behaviour of your financial products. Accounts, deposits and lending being high level product line definitions in Transact, a financial product will fall into one of these high level classifications. Therefore, we can easily find the list of common behaviour of deposit products or account products. If we take account, the common behaviour can be savings, current or notice type of accounts. As another example for deposits, it can be common interest payment method like Interest pay-out or compound interest with deposit amount. If we have a clear definition that a set of products are applicable only for the group of customers belonging to a sector like salaried professionals, then that itself can be considered as a common behaviour. There are many other attributes to do this kind of grouping.

    • Products which share same asset and liability column
    • Products which have same tax benefits
    • Products which needs additional charges
    • Products which have same behaviour in maturity
    • Products which will allow partial withdrawal
    • Products which will change contracts into another product after some predefined time
    • Exclusive products for rollover

    Transact has property classes like interest, term and settlement and we will take an instance of it and build a product group. When we construct a product group, we need to group products based on the above listed common behaviours. It will give a strong basement to build further products.

  • Decide your products as standalone or parent-child

    After you brought the product group in place, the next step would be constructing products. How to decide the optimal approach for a product? Should we create standalone products or use parent-child concept? It is always dependant on each bank’s business and the right approach will minimize the maintenance of product in future.

    retail loans

    To decide it, you need to list down all common functionalities at a side and different behaviour of the product at the other side. Do you sense that the common functionality is more and the differentiator is less, it clearly indicates you to follow parent-child concept bringing all common behaviour to parent? For Example, if a 5 year deposit is going to have fixed interest rate and a 1 year deposit goes to earn variable interest, we can create two child products just with different Interest definition whereas all the other components like payment schedule, settlement, maturity instructions, messaging, etc can be brought into the parent. Parent child concept is the best fit structure for products having more common features. On the other case there are few common functionalities but major is the difference, standalone products will be the right approach.

  • Design Interest and Payment schedule components first

    Interest component is a key attribute for products and sometimes it will change our product structure itself. It is very essential to detail the interest component prior to product definition. Kindly consider all features of interest component of your product like whether it offers simple interest/compound Interest, follows fixed interest or variable interest, periodic automatic Interest or Interest based on terms. It is necessary to consider all these factors and ensure our parent-child approach should not affect the independent management of interest/payment schedule components. This consideration will help out in the future maintenance of products or the respective products.

  • Decide the pricing model of products

    Transact has enabled us to have enterprise pricing feature (ie), even if we need different interest rates based on customer relationship, residence and channel, it is possible now to define all those variations within a single product.

    Relationship Pricing

    What is the best utilization of this feature? Reduction in the stack of products. If you confirm that Interest alone goes to be different for different currencies/region/channel, you do not need to increase the count of products. Just bring all your business financial products into one single Transact product. Product variation will help us to define the variation and define different pricing for it under a single product. It is a great relaxation that we no need mess up our system with N number of products and redefine the same thing. This feature has a huge benefit while doing data migration from legacy system to Transact. Imagine that we are going to migrate 1000 of legacy contracts into one single product in Transact, what will be the result in the effort for data mapping? A very clear reduction at the effort and hence in implementation cost.

  • Design products as per your reporting needs.

    Why Core banking solutions enable all possible static definitions to be defined for contracts. Of course, it is to serve for financial reporting. All Income and expenses needs to be categorized properly in order to enable proper classifications in the reporting. Therefore, it becomes very essential to consider this point while designing a product itself.

    Reporting

    All contracts of a Transact product are going to have same asset and liability category/ Profit& Loss category and so Banks should take a pause and confirm a product definition; it should not include any contract that needs to be columned differently in reporting. If we need different column for a set of contracts, they surely need a separate product.

  • Consider eligibility checklist for products.

    Do you check the eligibility of a customer to avail your financial products? If so, you can list out those eligibility conditions into two categories, one set as “Static checks” which will be verified only when a customer requests to avail a product for example credit score; another set as “dynamic check points” like customer age must be greater than 18 years. For dynamic check points, it is necessary to define eligibility component when u construct a product in Transact. It is our choice to check manually or through system for one-time eligibility checks. A product will have single eligibility component and hence we need to define an exclusive product if it has dynamic eligibility checkpoints.

  • Decide how to track changes of product attributes

    With the enhanced functionality of Transact, It is now the bank who will decide whether interest rate or charge attributes of a product can be negotiated or not at contract level.

    Parameter Change
    Therfore, we need to list out all components of contracts and define whether it should be derived only from products and should not be changed at contract level. If so, they need to be defined as Tracking. If you need some attributes of a component like interest rate can be input only once at contract level and after that, it should not get changed, kindly make the component as custom tracking. The other group of attributes will fall under “Non-Tracking” category.

Wrapping Up

I am happy that I brought major product creation techniques through these 7 tips for the benefit of banks. Working with multiple implementation projects for different banks on Transact, I have discovered proper product definition will reduce the effort of implementation or data migration and so will reduce the operational cost as well as the maintenance cost in an immense way.

It is always advisable to plan and prepare well in advance, before you construct your next Transact product. As banks are looking at every possible way to drive operational efficiency, improve customer experience and shrink costs, a well-defined Temenos product structure is always the right move.

You can also catch some of the breath-taking features of Temenos Transact from my previous article in case you have missed.

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The Evolution of Payments and Temenos Payments HUB (TPH) adoption

The Evolution of Payments and Temenos Payments HUB (TPH) adoption

How have payment methods evolved and how do transactions take place in our banking platform?

Buying things and paying for them is a regular part of our everyday life and we do it numerous times in a day. The biggest point to ponder here is how we have emerged in the world of payments. We are literally moving away from the days of pocket carrying leather wallets to digital wallets.

In the earlier days, trade use to happen in exchange of material goods, then slowly we emerged to payments in the form of ancient coins and it moved further in the form of leather money. Post which, paper based bank notes were issued by respective country authorities generally backed by Gold bricks. There are few other modes of payments made based on bill of exchange, debtor paying for creditor and cheque issuance. Eventually when the internet and technology evolved, all the current banking payments took the shape of digital payments.

Digital Payment

The Growth Potentials

The technological advancements offer a vast potential for new payment services, from the acceptance of existing banking payment channel capabilities to the latest requirements of these new payment channels.  Thus, we get introduced to new fundamentals and concepts for payment process right from payment initiation or receipt to execution. Majority of users in all countries have regular access to internet services and the expansion of digital network is even more advanced.

Payment services are strongly governed by banking regulations and country specific rules, which keeps progressing on a regular basis. Interestingly, nowadays payment services are not purely the interest domain of banks anymore, payment fintech innovators such as Paypal, Chase, Apple Pay etc offer multiple payment products and services. For seamless payment processing, every such payment innovator also has to connect to the existing banking infrastructure and payment systems.

Statista has estimated that the total transaction value in the digital payments segment is projected to reach $ 10,520,219 million by 2025, growing at an annual growth rate of 12%. As payments processing volumes are growing with increasing diversity of customer demands, the areas such as digital payments modes, real-time payments, fraud monitoring and many aspects of processing are put under severe pressure within a bank’s functional system.

The emphasis is now, more than ever, on cost efficiency, better risk management, and building a resource-light digital platform for servicing customers, this has, in turn, accelerated the need to scale up technology within the banks.

Adoption of Temenos Payments HUB (TPH) in today’s digital payment world:

The true real time digital core banking system with a payments hub designed by Temenos offers an excellent breadth of new-age functionalities and ample levels of flexibilities.  Through smart configurations, TPH can easily meet the ever rising payment demands. Banks can now offer their customers a seamless payment experience which offers straight through processing (STP) and provides  a 360° view of all transactions in real-time and have a workflow for priority based payments processing. Thus, the Temenos payments hub more commonly known as TPH rules the digital payments world by facilitating easy arrangement at customer level for any payment volume or value.

Payments Hub

Hassle-free instant payments

TPH is a one single real-time 24/7 platform which supports instant payment processing. The need for Instant/immediate payments has already taken its immense stride in the evolution of the payments market. It emphasizes the digitization of the supply chain in which real-time payments enable corporates to concentrate on their business priorities rather on the invoice payment and its subsequent processing. Additionally, the data of such transactions can be viewed in a real time with adequate financial insights on the fly. TPH has unrivalled STP (straight-through-processing) based on native functionalities with exception handling.

The robust architecture of TPH allows customers to seek intelligence of any payment transactions at given point of time. TPH can address global payments, instant payments and all the expectations of ISO20022 and real time settlement clearing.

Legacy Processes

More than digital, payments requirements is greatly differentiated by region and banks need to be more active in this space, and still there are use of cheques in certain regions and it is essential that banks move existing customer base from cheques to digital payments particularly if instant payments process has  to succeed. Regardless, it is essential for bank’s payment system to be easily adaptable to the changing needs of their customers and country regulations. TPH has the capabilities on the broader payment ecosystems and has the additional solution of Financial crime mitigation and repair option enabled.

Built with Open API’s for Open Banking

Open banking has taken the banking industry by a storm with the introduction of Open API’s.  Through Open API’s, banks have been provisioning and granting third-party services. TPH is an API enabled payment solution that offers a seamless integration service with the core banking platform to make sure STP is a success, a truly digital customer experience. It manages routing to all downstream payment processing systems based on rules. For example, all real-time payments can be routed to TPH for execution and route low value (e.g. ACH) payments through an existing legacy system, supporting progressive renovation.

Ensures Payment Compliance

TPH is built with a strong regulatory engine which has a close eye on country level compliance and governance requirements (e.g., PSD2). Supporting reporting requirements institutionalized by regulatory bodies or financial ministry is a matter of click for use cases such as submissions of financial documents and reports related to payment transactions, customer bank account details and other related payment information.

Temenos Payments Hub

Conclusion

Payments are becoming increasingly important and seamless experience is essential for survival. The rise of digital payments enabled by latest technologies will lay a foundation for superior experience. Corporates will expect manual processes to be replaced with digital methods that are quicker, cheaper and incur less friction. TPH is an ideal solution, which has the capability of standalone deployment or can be embedded with Temenos Transact.

The banks should drive the back-office operations efficiently and the speed of fulfilment is also critical; the digital solution must therefore be front-to-back. Banks should perform friction-free back-office operations, and the back-office staff can work efficiently without any hassle. This ultimately comes down to using a single platform. Temenos payments can process to highly scaled up Tier-one payments volumes. A recent benchmark showed that it can process up to 10 billion payments per year and TPH supports this being highly parameterizable payment product. As one of the leading payment solutions, banks can lead the game of digital payments with TPH.

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Industries

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