Visa & Temenos to offer money transfer solutions to European banks

By Gloria Methri

Temenos has collaborated with Visa to integrate its Visa Direct money movement solution with Temenos Payments Hub and make it available to banks via Temenos Exchange.

The Visa Direct network can help financial institutions move money to billions of endpoints in 190+ markets and 160 currencies with real-time cross-border and domestic payment solutions. By leveraging Visa Direct, banks can facilitate a wide array of use cases for cross-border payments: from person-to-person (P2P) payments, funds disbursements, and bill payments to final beneficiaries.

Temenos customers will now be able to incorporate Visa Direct’s payment capabilities and consolidate them with other payment services on the single Temenos platform. This integration will connect multiple payment sources and channels with various clearing and distribution networks and services.

Built on a flexible cloud-native, API-first architecture, Temenos Payments Hub manages multiple payment clearing rails and services, as well as multiple payment types and schemes. It utilizes smart, intelligent routing and offers the scalability required to meet the demands of a rapidly evolving and expanding payments landscape.

Mick Fennell, Business Line Director – Payments at Temenos, said, “Temenos is proud to welcome Visa to Temenos Exchange to enable the rapid deployment of services for banks that run on the Temenos platform. By combining Visa Direct’s capabilities with our flexible Payments Hub and integrated account services, we are empowering banks to turn on a new distribution option with ease and provide their customers with seamless and secure international payment experiences.”

Edward Chandler, SVP & Head of Money Movement Solutions Europe, Visa, said, “We are delighted to join forces with Temenos to deliver enhanced cross-border payment solutions to banks and their customers. The integration of Visa Direct’s money transfer solutions with Temenos’ payment capabilities will streamline the process of deploying, scaling, and maintaining ongoing interoperability for cross-border payments. Ultimately, this will enable banks’ customers to benefit from fast, secure, and efficient cross-border payments.”