Saturday, June 15, 2024

Temenos and Mastercard Join Forces to Expand Cross-border Payment Capabilities Through Mastercard Move

Temenos (SIX: TEMN) today announced a collaboration with Mastercard, a leading global technology company in the payments industry, to accelerate the implementation and delivery of Mastercard Move, Mastercard’s portfolio of money transfer capabilities, to banks and their customers.

Mastercard Move’s solutions enable banks to move money internationally securely and swiftly, with a cost-effective range of options to route and deliver funds through Mastercard’s extensive global network. With nearly 10 billion endpoints in over 180 countries, recipients can choose from various disbursement options, including cards, bank accounts, cash pick-up locations and mobile wallets.

With the integration of Mastercard Move into Temenos Payments Hub, Temenos customers will be able to quickly integrate Mastercard Move’s cross-border capabilities and consolidate with other payments rails on the single Temenos platform, efficiently linking multiple payment sources and channels with multiple clearing and distribution networks and services.

Temenos Payments Hub, built on a flexible cloud-native, API-first architecture, manages multiple payment clearing rails and services, and multiple payment types and schemes, through smart, intelligent routing along with the scalability needed to meet the demands of a rapidly evolving and expanding payments landscape.

Mastercard Move will be available to banks via the Temenos Exchange ecosystem of fintech solutions.

Mick Fennell, Business Line Director – Payments, Temenos, commented: “We are excited to partner with Mastercard to bring their market-leading cross-border solutions to our customers worldwide. By combining Mastercard Move’s capabilities with our flexible Payments Hub, integrated with our comprehensive account services, we are empowering banks to turn on a new cross-border distribution option with ease and provide their customers with seamless and secure international payment experiences.”

Roberto Tittarelli, EVP New Payments Platform Europe, said: “We are delighted to join forces with Temenos to deliver enhanced cross-border payment solutions to banks and their customers. With the integration of Mastercard Move’s money transfer solutions with Temenos’ payments capabilities, banks will benefit from a streamlined process to deploy, scale, and maintain ongoing interoperability for cross-border payments. This will in turn provide the banks’ customers with fast, secure and efficient cross-border payments, making them the ultimate beneficiaries.”

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