Temenos has partnered with Tech Mahindra to deliver a core banking solution on Temenos SaaS designed for e-money institutions in the UK and Europe.
The collaboration aims to leverage Temenos’ composable banking capabilities and Tech Mahindra’s services to enable EMIs to accelerate time to market, reduce operational expenses and access a curated ecosystem of over 100 fintech partners on Temenos Exchange. The offering on Temenos SaaS is designed to provide EMIs with a scalable and secure banking platform with pre-configured banking features specific to the EMI sector, including multi-currency accounts, card management, customer onboarding, payment processing, transaction screening and regulatory reporting.
The service also supports dynamic scaling and cost-effectiveness, enabling EMIs to integrate additional banking features as needed, supporting their growth and operational resilience. This solution aims to support financial innovation and is targeted not only at EMIs, but also at start-ups, challenger banks and small established banks looking for a solid foundation to rapidly deploy financial products and services.
A closer look at availability
The service, which will initially launch with one EMI in the UK, will primarily target the UK market, which is home to around 250 EMIs according to the official press release. Future plans include extending the offering to the entire European Union, which is home to nearly 600 EMIs managing around €35 billion in client funds according to the same source.
Temenos officials highlighted the potential of the partnership to significantly expand Temenos’ market reach in Europe, bringing the benefits of Temenos SaaS to a broader range of financial institutions. Tech Mahindra representatives highlighted the joint offering’s ability to deliver agility and customization through Temenos’ Open Banking platform and Tech Mahindra’s suite of services.
