GENEVA, Switzerland – OCTOBER 17, 2023 – Temenos (SIX: TEMN) today announced that Finland’s wealth manager bank Aktia has selected Temenos to modernize its payments capabilities adopting Temenos Payments Hub to support the introduction of pan-European instant payments and consolidate all payment rail processing onto a single platform.
The move is part of a strategic platform modernization to deliver a better customer experience for domestic and cross-border payments with improved efficiencies and to meet continually changing regulatory and compliance requirements.
Aktia serves more than 250,000 individual and over 20,000 corporate and institutional customers and already runs on Temenos for core banking. Aktia offers comprehensive banking and wealth management services through close collaboration between Aktia’s three business areas: Asset Management, Banking, and Life Insurance, and adding Temenos Payments Hub will allow the bank to simplify and standardize its payments operations for all customers.
By running core banking and payments on a robust, API-first, flexible and highly configurable platform, the bank benefits from integrated accounts and payments processing and low latency execution which is required to deliver high levels of Straight Through Processing (STP) and efficient customer experiences. Furthermore, the single Temenos platform allows for faster and lower cost updating and maintenance, which means a lower total cost of ownership.
Choosing Temenos’ cloud-native and cloud-agnostic platform also future-proofs Aktia’s technology strategy, enabling an initial on-premise installation with flexibility for a seamless migration of its core banking and payments to the cloud or to SaaS. Temenos Payments Hub can scale massively handling all payment types and schemes.
Temenos offers a single platform across all banking verticals and business segments including payments and core banking and as a result its clients benefit from a higher, sustained level of investment in R&D. It is the market leader, ranked #1 best-selling Retail payments system for five years running in the global IBS Sales League Table 2023. Temenos has recently certified for the FedNow program in the U.S., and signed a deal with leading global payments provider Convera, to modernize its payments infrastructure in the cloud.
Anssi Huhta, Executive Vice President, Banking Business & Deputy CEO, Aktia, commented:
“Our close partnership with Temenos is yet another step for Aktia towards our vision of becoming a leading wealth manager bank by delivering an excellent customer experience. Aktia provides private individuals, corporate customers and institutions with customer-oriented banking and financing solutions. With Temenos we can deliver the best experience for our customers with faster, more convenient, and user-friendly payment options securely and efficiently.”
Jean-Paul Mergeai, President EMEA-APAC, Temenos, said:
“Payments has become a significant point of strategy driven by new networks, new technologies, new business models, and, critically, new customer expectations. We are proud that leading banks around the world like Aktia are choosing the Temenos platform to transform their payments capabilities. We are seeing tremendous growth opportunity in payments and continue to invest in our single code base across core banking and payments making our offering the most compelling in the market.”