Faster time to market, lower costs, and future-proof scalability – these are the promises embedded in the groundbreaking new service launched by Temenos and Tech Mahindra, geared specifically towards Electronic Money Institutions (EMIs) in the UK and European markets. This development leverages Temenos’ SaaS for EMIs platform, offering pre-configured functionalities crucial for EMIs.
Key Takeaways:
- Temenos and Tech Mahindra launch new SaaS offering for EMIs in the UK and Europe.
- Service provides integrated core banking, payments, and financial crime mitigation capabilities.
- Targets a market of approximately 600 EMIs across Europe managing €35 billion in client funds.
- Scalable architecture allows EMIs to add functionalities as they grow.
- Offers faster time-to-market and lower operational costs for EMIs.
- The solution also applicable to startup banks, challenger institutions, and smaller established banks.
- Initial rollout in the UK, with plans to expand across the European Union.
SaaS for EMIs: A Game-Changing Solution
The new exclusive Saas for EMIs, built on Temenos’ composable banking platform and enhanced by Tech Mahindra’s expertise, promises to dramatically reduce time-to-market for EMIs while offering scalable architecture and access to over 100 curated fintech partners through the Temenos Exchange. This collaboration opens up a substantial new market for Temenos, targeting the approximately 600 EMIs across Europe that collectively manage an estimated €35 billion in client funds.
Key Features and Benefits:
- Multi-currency accounts
- Virtual and physical card management
- Streamlined client onboarding
- Advanced payments orchestration and routing
- Robust transactions screening
- Comprehensive regulatory reporting
Executive Insights:
Mark Yamin-Ali, Managing Director – Europe at Temenos, emphasized the significance of this partnership: “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.”
The offering’s flexibility extends beyond EMIs, positioning it as a potential game-changer for start-up banks, challenger institutions, and smaller established banks seeking a robust yet cost-effective foundation for rapid product development and deployment.
Pankaj S Kulkarni, Head for BFSI – Europe at Tech Mahindra, highlighted the unique value proposition: “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.“
Industry Impact and Future Outlook:
As the financial services sector continues to evolve rapidly, this collaboration between Temenos and Tech Mahindra represents a significant step forward in democratizing access to advanced banking technology. By lowering barriers to entry and providing a scalable, future-proof solution, this SaaS for EMIs offering has the potential to foster innovation and competition in the payments industry.
The initial rollout in the UK, home to approximately 250 EMIs, will serve as a launchpad for broader European expansion. As regulatory landscapes shift and consumer demands for digital financial services grow, this solution positions EMIs to adapt quickly and capitalize on emerging opportunities.
Implications for Established Institutions:
The introduction of this exclusive SaaS for EMIs may prompt established financial institutions to accelerate their digital transformation efforts. As the financial services ecosystem evolves, partnerships between technology providers and service integrators may become more common, offering institutions of all sizes access to best-in-class solutions without extensive in-house development.
Future Trends:
As the financial services ecosystem continues to evolve, partnerships like this between technology providers and service integrators may become more common, offering institutions of all sizes access to best-in-class solutions without the need for extensive in-house development.
The Report’s Source:
- Temenos and Tech Mahindra launch new service on Temenos SaaS for EMIs to get faster to market.
- Temenos and Tech Mahindra Launched a New Service on Temenos SaaS for Faster EMIs Operations.
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