Riyadh - Mubasher: Temenos, the banking software company, announced that stc pay has selected cloud-native, cloud-agnostic Temenos Payments and Temenos Transact running on a private cloud to achieve exponential growth and expand its digital payments capabilities.
Real-time, API-first Temenos Transact and Temenos Payments will provide a single and digital platform on which stc pay can rapidly create and update innovative digital services for retail customers. The Saudi digital wallet aims to double its customer base to six million by 2021, according to a press release on Tuesday.
On the long term, the business aims to establish itself as the leading digital challenger in the Middle East and Africa (MEA) region.
Launched in late 2018 by the STC Group, stc pay aims to provide innovative technologies and digital payment experiences to customers and facilitate transactions that are quick, easy, and secure.
Temenos Saudi model bank will deliver pre-configured, country-specific capabilities and regulatory compliance to support stc pay to roll out its new platform in the shortest possible timeframe and at minimum cost.
Moreover, Temenos is collaborating with Red Hat to create a standardised cloud operating model for stc pay based on a collection of enterprise-grade and open-source technologies.
“Temenos brings to this partnership 20 years’ experience deploying advanced banking software and delivering next-generation digital experiences in Saudi Arabia,” commented stc pay CEO, Ahmed Alenazi.
The managing director, Middle-East & Africa Temenos, Jean-Paul Mergeai, said: “We are seeing a significant increase in demand for digital payments across the Middle East and Africa region – the COVID-19 pandemic is only accelerating this trend. Our cloud-native, AI-driven software supports the exceptional digital experiences that customers want, but it also provides the business resilience and security that banks need now more than ever.”
“We believe that the next evolution of financial services will be based on open source development principles and technologies. We are grateful for the opportunity to enable both Temenos and stc pay on this evolutionary journey and look forward to being an enabler of continuous innovation,” concluded the global director, FSI strategy, Ecosystem and Strategic Partnerships, Red Hat, Kelly Switt.
