Danish financial services disruptor selects Temenos for future growth
PASPX selects cloud-agnostic, cloud-native Temenos Infinity and Temenos T24 Transact for dramatically lower cost of deployment and speed of innovation
GENEVA, Switzerland – April 4, 2019 – Temenos (SIX: TEMN), the banking software company, today announced that PASPX selected Temenos Infinity, the breakthrough digital front office product, and Temenos T24 Transact, the next generation in core banking, as well as Payments and Financial Crime Mitigation (FCM), to significantly grow its business. Temenos' pre-integrated, packaged front-office and core banking solution will enable PASPX to achieve a very short time of deployment and a quick time to value. Temenos software will support PASPX from client onboarding and detection of suspicious activity, to real-time processing and online transfers.
Founded in 2008, PASPX is an e-money institution that provides financial services to international commerce firms and enterprises. As a start-up company, PASPX was looking to put a technology foundation in place that would enable it to compete and scale as the company transitioned from its grassroots in Denmark to its Nordic vision. Temenos T24 Transact will be the technology backbone of PASPX, enabling the company's future growth and allowing for operational efficiencies. With Temenos Infinity and Temenos T24 Transact, PASPX will accelerate its expansion, by quickly launching innovative products and services in response to market demand, and thus establishing itself as a powerhouse player.
John Hejndorf Kristiansen, CEO, PASPX, commented:
"As a challenger in this space, we differentiated ourselves from the incumbents by reacting quickly to market developments and addressing customer needs before our competitors. Temenos' rich, packaged software combined with its cutting-edge cloud technology will enable us to have the system up and running quickly, while lowering the overall cost of deployment.
We are excited to be partnering with Temenos as our strategic technology provider. Temenos is providing us with the end-to-end technology stack which will help us scale and retain agility as we grow."
Steen Jensen, Managing Director – Europe, Temenos, said:
"We are delighted that PASPX has chosen Temenos, demonstrating our continued momentum in the Nordics. We are not just a software provider, but a strategic technology partner to grow our customers' business. We provide the richest packaged end-to-end functionality, allowing banks and fintechs alike to avoid integration costs and speed up their software deployment.
Temenos is a recognized innovator and leader, with the prowess and agility to support any kind of new challenger, and the power to propel disruptors forward as they grow. We look forward to partnering with PASPX as they set out on this journey."