Having established itself as the most popular mobile wallet app in the Middle East, STCPay now aims to double its customer base to six million by 2021 and seize a position as the leading digital challenger bank in the region. To reach its objectives, STCPay will modernize its core banking infrastructure with Temenos Payments integrated with Temenos Transact running on a private cloud. The Temenos solutions will provide unique Saudi Model Bank functionality to ensure regulatory compliance and 99% straight-through-processing to optimize efficiency. The bank is also collaborating with Temenos and RedHat to develop a streamlined cloud operating model. Once implemented, the solutions will allow STCPay to develop innovative new services for faster, simpler, and more secure customer transactions, helping it to achieve long-term sustainable growth.
“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.”Ahmed Alenazi, Chief Executive Officer, STCPay