FINCI goes live with Temenos’ payments and core banking platform

By Megha Bhattacharya

Temenos today announced that Lithuanian FinTech FINCI has gone live with Temenos’ Payments along with Transact core banking. The partnership will allow FINCI users to send, manage and receive instant multi-currency payments alongside with possibility for further extension of intelligent financial management tools all within a single app.

According to FINCI, Temenos’ banking functionality and API-first, microservices-based technology allows FINCI to design, build and launch the service from scratch in just 4 months. With new open banking regulations, Temenos’ APIs also enable FINCI to integrate with a range of external systems to help create its multiple intelligent financial management applications and drive its product and service innovation. FINCI will initially be available in the Baltic States and Poland with plans to extend the offering to the customers in other European countries and the UK.

Maksim Paukov, acting Chief Information Officer, Finci Technology, commented, “Temenos has enabled FINCI to take advantage of the opportunities arising from the emergence of an open banking market. We think of FINCI as an innovative and advanced platform for your business and personal financial life. At start, FINCI will offer daily financial products such as accounts, payments, currency exchange and payment cards. We develop our products fast and many great services and features, especially for business clients will be added shortly. With Temenos’ cloud-native technology we have a robust payments capability that is fast, secure and compatible with all the various payment regulations in the markets in which we will operate. The flexibility and agility of the Temenos platform will enable us to quickly create and launch financial products while continuing to innovate the customer experience that differentiates our service.”

FinTech FINCI aims to simplify daily financial management for private individuals, entrepreneurs, freelancers, start-ups and already successfully working businesses of different industries by automating financial and accounting tasks in a single app. The collaboration also enables the FinTech to build and launch new payment products that are PSD2 compatible.

David Macdonald, President of Europe, Temenos, said, “We are proud to celebrate the launch of FINCI. Temenos has become the de facto tech technology platform of choice for digital challenger banks and fintechs that want to launch fast and innovate rapidly. As FINCI has shown, our technology enables challengers to create hyper-efficient business models that deliver more value to their customers. Temenos has a strong presence in the CEE region and we look forward to supporting FINCI as it expands into new markets and leverages the agile product building capabilities of our platform to enhance its offering and bring innovative new ways to improve its customers’ financial lives.”