Having established itself as the most popular mobile wallet app in the Middle East, stc pay, has received a digital banking license from Saudi Central Bank in 2021. 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. Temenos’ cloud-native platform has supported stc pay to scale efficiently to more than 8 million accounts.
The Temenos solutions will provide unique Saudi Model Bank functionality to ensure regulatory compliance and optimize efficiency. The digital banking-focused system integrator, Seedz Technology Group, led the implementation by partnering with Temenos and BankerWay 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. The scalable efficiency of Temenos open platform will help stc pay grow sustainably to meet the region’s increasing demand for digital payments.
“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.”Ahmed Alenazi, Chief Executive Officer, stc pay
“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.”Abdulrahman AlMutairi, Vice President of Technology, stc pay
“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.”Mohamad Ajjour, Chief Executive Officer, Seedz