Temenos, the banking software company, announced that the Saudi Arabian digital wallet, STCPay, has 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 will provide a single, digital platform on which STCPay can create and update innovative digital services for retail customers.
Using Temenos’ cloud and microservices-based technology to power innovation and transform customer journeys, STCPay said it aimed 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.
STCPay, a subsidiary of STC Group, is Saudi Arabia’s largest and leading mobile wallet application.
Launched in late 2018 by STC, the digital challenger aims to provide new, innovative technologies and digital payment experiences to customers and facilitate transactions that are quick, easy, and secure.
Temenos Payments provides ‘Straight-Through Processing’ rates over 99 per cent, expected to underpin STCPay’s digital customer experiences it 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.
Ahmed Alenazi, Chief Executive Officer, STCPay, stated, “We are excited to partner with Temenos and unlock the vast opportunities of digital payments in the Middle East.
“Temenos brings to this partnership 20 years’ experience deploying advanced banking software and delivering next-generation digital experiences in Saudi Arabia.
“With Temenos’ market-leading technology and rich banking functionality, we aim to redefine payments, offering outstanding digital experiences that integrate into our customers’ lifestyles.”
