Competing in the highly dynamic market with modernize payment infrastructure
Colorado, USA
Convera previously part of Western Union, is the largest non-bank fintech in global B2B payments and makes cross-border money transfers simple by allowing its customers to transact globally with ease. Convera offers services ranging from currency exchange to hedging solutions and has capabilities in 140+ currencies across 200+ countries and territories. With the aim to double its payments volumes in the next five years and expand its payment rails, convera will overhaul its payments engine by progressively replacing legacy systems with Temenos’ robust, scalable platform to standardize its international commercial payments on a single platform. The move to Temenos Software-as-a-Service (SaaS) will help Convera to drive efficiency in payment processing from inbound funding to outbound disbursements and massively scale.
Convera selected Temenos after a competitive process including US incumbent vendors and specialized payment vendors. Temenos’ highly scalable platform with proven localization and ongoing investment in US and global compliance will enable Convera to process payments in a highly efficient and standardized manner. Temenos’ platform capability to intelligently route payments over Convera’s global partner bank network will allow for greater efficiencies and improved customer service. With Temenos payments platform, Convera will also continue to enhance its straight through processing (STP) rates through advanced exception handling.
Convera will also use Temenos’ data hub capabilities for real-time data management. Temenos’ composable platform can easily integrate with Convera’s existing infrastructure which includes integrated compliance systems and payment gateways, increasing automation and time to value. Temenos’ cloud-native platform will offer real-time payments and resilience giving Convera the business agility required to benefit from new market initiatives such as instant payments and ISO 20022.
“Temenos payments platform will underpin Convera’s growth strategy as it transforms into a modern, technology-led, global B2B payments organization, focused on innovation, value, and exceptional customer service. After extensive assessment, we selected Temenos both for its superior cloud technology capabilities and the trust in the team and its local operations. Temenos is the platform of choice for massive scale; we have a clear path for global expansion and look forward to partnering with Temenos with its global expertise to support us along the way.”
Patrick Gauthier, Chief Executive Officer at Convera