Saudi Arabian digital wallet, STCPay, selected cloud-native, cloud-agnostic Temenos Payments and Temenos Transact running on a private cloud to achieve exponential growth and expand its digital payments capabilities
Real-time, API-first Temenos Transact and Temenos Payments are set to provide a single, digital platform on which STCPay can rapidly create and update innovative digital services for retail customers. Using Temenos? cloud and microservices-based technology to power innovation and transform customer journeys, STCPay aims to double its customer base by 2021. Longer-term, the business aims to establish itself as the leading digital challenger in the Middle East and Africa (MEA).
Temenos Payments provides Straight-Through Processing (STP) rates more than 99% and will underpin STCPay?s digital customer experiences. Temenos Payments will be integrated with Temenos Transact, the next-generation core banking product, and deployed on private cloud to provide unparalleled resilience and scalability to support skyrocketing volumes of digital payments.
The platform is expected to drive significant cost efficiency gains and enable sustainable business growth. According to the Temenos Value Benchmark, a strategic, survey-based program providing an in-depth analysis of how software capabilities impact a bank?s profitability, banks with STP rates over 90% can achieve up to 8x higher revenues per customer, compared with banks with lower STP rates.
Temenos is collaborating closely with Red Hat to create a standardised cloud operating model for STCPay based on a collection of enterprise-grade, open-source technologies, including Red Hat OpenShift, Red Hat Quay, Red Hat AMQ Streams and Red Hat Storage.
Ahmed Alenazi, CEO, STCPay, commented, ?With Temenos? market-leading technology and rich banking functionality, we aim to redefine payments, offering outstanding digital experiences that integrate into our customers? lifestyles.?
Jean-Paul Mergeai, managing director, Middle East and Africa Temenos, said, ?Our cloud-native, AI-driven software supports the exceptional digital experiences that customers want, but it also provides the business resilience and security that banks need now more than ever.?
Kelly Switt, global director, FSI strategy, ecosystem and strategic partnerships, Red Hat, noted, ?Red Hat is thrilled to be a part of this collaboration with Temenos and STCPay. We believe that the next evolution of financial services will be based on open source development principles and technologies.?
