stc pay Scales to 8 Million Accounts on Temenos Open Platform
Temenos (SIX: TEMN) today announced that stc pay, the Middle East’s leading digital wallet, is live on Temenos open platform for composable banking. Temenos’ cloud-native platform has supported stc pay to scale efficiently to more than 8 million accounts.
stc pay makes it easy for customers to manage money on their smartphone, send and receive payments from anywhere around the globe, shop online and withdraw funds from ATMs.
Launched in 2018 as an Electronic Money Institution (EMI), stc pay received a digital banking license from Saudi Central Bank in 2021. stc pay can now leverage Temenos open platform for composable banking to capture new opportunities with future products.
stc pay runs entirely on Temenos open platform using Temenos Banking Capabilities to handle all transactions and processing for Customer Accounts. The advanced technology architecture provides the most open and secure cloud-native platform for stc pay to compose, extend and deploy banking capabilities at scale.
stc pay is the leading digital challenger in the Middle East and Africa (MEA). Running on Temenos technology, the bank is leaner and greener to optimize costs and drive operational efficiency at scale.
The scalable efficiency of Temenos open platform will help stc pay grow sustainably to meet the region’s increasing demand for digital payments. Today, only about a third of retail transactions are conducted electronically. However, new government and regulatory initiatives and the impact of the COVID-19 pandemic triggered an acceleration of digital payments adoption.
Seedz Technology Group, the digital banking-focused system integrator, led the implementation partnering with Temenos and BankerWay, a leading Temenos specialized service provider, for implementation and customization services. The collaboration enabled stc pay to integrate Temenos banking capabilities with multiple payment services creating the Middle East’s most sophisticated digital wallet.
According to an Economist Intelligence Unit survey, 60% of banking executives in MEA think cash will dip below 5% of retail transactions by 2025. In a 2021 McKinsey consumer survey, 58 percent of Middle East consumers strongly preferred digital payment methods, while only 10 percent strongly preferred cash. The progressive and ambitious Saudi Vision 2030 to transform the economy has fueled this momentum and stc pay’s potential to grow its client base and expand its offering.
Ahmed Alenazi, Chief Executive Officer, stc pay, commented: “Powered by Temenos, stc pay can unlock the vast opportunities of digital payments in the Middle East. Temenos has enabled us to scale efficiently to grow our business sustainably and introduce new products to continuously deliver new and innovative digital experiences for customers and merchants. We are entering a new and exciting growth phase, and the partnership with Temenos is key to our long-term growth.”
Jean-Paul Mergeai, President – EMEA-APAC, Temenos, said: “It is a privilege to partner with stc pay as it expands its service and reach across the region. stc pay delivers a compelling digital experience for customers seeking a fast, easy way to manage money on the go. With high mobile penetration rates across the region and a growing preference for cashless transactions, stc pay has a bright future and is leading in this exciting growth segment. Congratulations to the stc pay team on passing 8 million accounts in just 24 months, a major accomplishment that demonstrates the scalability of the platform and the value the service delivers to customers every day.”
Abdulrahman AlMutairi, Vice President of Technology – STC Pay, said: “With Temenos open platform, we are enabling digital banking in stc pay by introducing robust, secure and cloud-native core banking engine that is embedded in an enterprise architecture for scalability and agility by using APIs, microservices and DevOps.”
Mohamad Ajjour, Chief Executive Officer, Seedz, commented: “stc pay is a pioneer shaping the future of digital payments and digital banking service in the Middle East. The partnership between stc pay, Seedz and Temenos provided a blueprint for a modern digital bank. Congratulations to our innovative partners at stc pay for bringing efforts together to make this happen.”
People In This Post
- Newfront Appoints Former Marsh Leader as US Growth Leader Read more
- Kroo: Only UK current account to offer more than 3% AER interest on balances up to £85k Read more
- Banking Transformed Podcast: Global Trends that will Disrupt Finance in 2023 Read more
- Barclays sets out its flexible banking strategy Read more
- TD Announces Exclusive Strategic Relationship With CanadaVisa to Help Support Newcomers as They Establish Their Financial Life in Canada Read more