The Future of Payment Solutions | Temenos and Mastercard | Money20/20 Europe

At Money20/20 Europe, we spoke to Mick Fennell from Temenos and Jan-Willem van der Schoot from Mastercard to hear about the evolving payments landscape and what’s needed to give customers a better service. Customers are demanding cheaper, faster global connections, something that Fennell picks up on here. Van der Schoot emphasizes how global economic integration is impacting the demand for seamless cross-border and domestic payments.

There’s always interesting collaborations happening in the space and we hear about the big wins following the partnership between Mastercard Move with Temenos Payments. It’s one of a number of exciting insights from Fennell, Business Line Director for Payments at Temenos, and van der Schoot, Country Manager at Mastercard in the Netherlands, at Money20/20 Europe in Amsterdam.

Scale and Customer Appetite

To begin, Fennell outlines the scale of change and challenges that he saw in the payments arena:

“Scalability is a major issue,” Fennell said. “Customers are demanding cheaper, faster, and quicker services, while at the same time, they also want to connect to all kinds of locations across the world.”

All of this requires solid solutions that can manage high volumes of business in as efficient a way as possible, delivered with the highest quality of service.

Global Economic Evolution and Payment Solutions

Van der Schoot pointed out the global economic changes as the cause for payment demands. “As the global economy changes and becomes more integrated, the demand for cross-border and domestic payment solutions has increased,” he said. “Customers want a fast, secure, and reliable solution that works seamlessly when sending to bank accounts, wallets, cards, or cash-out locations.”

Van der Schoot also pointed to recent research by Mastercard indicating that most people experience some problems either in gaining access to sent funds or by having to travel long distances to collect them.

Payment Services Innovation

Fennell welcomes the innovation from Mastercard Move, which involves real-time payments and significant cross-border activity.

“It is an innovation that is reshaping the landscape, bringing a paradigm shift with it,” he said. “Linking these services and tapping into the wide-ranging network of Mastercard moves the needle.” Combining Temenos’ expertise with Mastercard Move infrastructure shows just what can be achieved for service delivery.

Collaboration: The Key to Success

Both Fennell and Van der Schoot agreed that collaboration is essential in the payments industry.

For Fennell, “Success in cross-border payments hinges on collaboration.” “Historically, this has involved correspondent banking relationships, but today, it’s about partnerships between organizations that deliver real value to customers.”

He pointed out the effort at Temenos to build collaborations that enable their customers to deliver value and offered the partnership with Mastercard Move as an example.

Integrated Solutions for Greater Customer Experience

Van der Schoot added that such cooperation was seen through the integration of Mastercard Move into Temenos Payments. “We are pleased to partner with Temenos in providing a seamless integration of Mastercard Move with smooth access to advanced payment solutions.”

“This partnership will ensure both Mastercard and Temenos customers can leverage delivering the best solutions to their end-users, thereby enhancing the overall customer experience.”

What was really at the core of discussions at Money20/20 Europe were the ever-changing needs of the payments industry and how, indeed, innovation and cooperation are the drivers to meeting them.