Temenos platform will enable leading Iraqi digital payment provider to scale rapidly, launch new products faster and drive financial inclusion
Press Releases, May 23, 2024Temenos – Company
GENEVA, Switzerland – MAY 23, 2024 – Temenos (SIX: TEMN) today announced that ZainCash, a subsidiary of March Holding and a leading payment service provider in Iraq, has gone live with Temenos core banking and payments to power the rapid growth and innovation of its digital payment services.
The successful implementation aligns with the strategic goals of the Iraqi government and the central bank to boost financial inclusion and expedite the digital transformation of the national economy. It positions ZainCash to expand its operations more effectively, elevate the customer experience, and swiftly introduce new products. As it progresses, ZainCash remains committed to delivering cutting-edge digital payment solutions to a broader spectrum of Iraqi customers, merchants, and SMEs.
Established in 2015, ZainCash has rapidly expanded, achieving over 1.2 million app downloads and securing the sixth position in the Forbes Middle East Fintech Top 50 for 2024. ZainCash enables users to make quick and easy local and international transfers, pay local merchants and government services, manage funds with a ""convenient multicurrency card (physical or virtual), as well as enjoy a variety of bonus features like digital vouchers."" ZainCash’s vast network of 10,000 agents ensures these financial services are available everywhere in Iraq.
With Temenos, ZainCash has brought together its core banking and payments capabilities on Temenos’ flexible, composable banking platform, which enables easy integration with existing internal systems, as well as with the Central Bank of Iraq. The robust, agile platform will enable the company to scale quickly to meet growing consumer demand as it seeks to reach 3 million users by the end of the year.
ZainCash will use Temenos’ modern technology architecture with open APIs, to quickly launch a range of new services, including instant lending, and provide customized products for specific groups, such as families and students. It will also offer a digital and seamless onboarding process resulting in an improved user experience.
The increased capacity and flexibility of the Temenos platform will help ZainCash to continue widening financial inclusion by extending convenient digital financial services to more communities, including Iraq’s large unbanked population. The system will also play a key role in the company’s humanitarian support for the United Nations by allowing ZainCash to deliver larger volumes of funds to refugees with increased speed, stability, and greater customization of services.
With its core banking and payments running on Temenos’ single platform, ZainCash will benefit from a higher, sustained level of investment in R&D, as well as faster and lower-cost updating and maintenance, which means a lower total cost of ownership.
Yazen Altimimi, CEO, ZainCash, commented:
“Temenos’ open and agile banking platform allows us to innovate and scale at speed, delivering a world-class payment experience that meets our customers’ growing needs and expectations. With Temenos, we can more easily expand our product range and provide more personalized services as we continue to lead the way in making payments safer, simpler and more convenient for all Iraqis.”
Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said:
“Congratulations to ZainCash on this successful go-live. We’re delighted to support this pioneering fintech company in bringing innovative and convenient digital services to more Iraqis and continuing to widen financial inclusion in the country. We continue to invest in our single code base across core banking and payments, which is helping everyone from established banks to nimble fintechs to increase efficiency and improve customer experience.”
Temenos is the global market leader in banking software, ranked #1 by IBS Intelligence in eight categories, including core banking and payments, in the IBSi Sales League Table 2023.
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If we think about this article above and the one below, in respect to the digital transformation and the financial inclusion that will come from a partnership between Iraq and Temenos by going live with real time gross settlements and payments we can see that Iraq having the ability for RTGS now, patterns emerge. They same pattern is showing us in a partnership with similarity, that being Viet Nam.. (See below.)
There are no coincedences. The world is changing and in a fashion like we have never seen before. The world is going to a fast and furios clearing evolution of payments and settlements to meet the global needs of the people and likely all international commerce. It will happen on a level playing field at far cheaper pricing and that commerce of the world will feel it in the pocket book. This time the pocket books are in favor as the clearing is going to be far cheaper everyone on the planet. imo
Iraq goes live today.. Fascinating. Lets see what impact it has from here... ~ MM
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PVcomBank transforms mobile banking for one million customers in Vietnam with Temenos Digital on AWS
Temenos Digital on Amazon Web Services (AWS) enabled PVcomBank to quickly design, build and launch their highly rated mobile app
Press Releases, May 16, 2024Temenos – Company
Temenos Community Forum, DUBLIN, Ireland – May 16, 2024 – Temenos (SIX: TEMN) today announced that Vietnam Public Commercial Joint Stock Bank (PVcomBank), one of Vietnam’s largest banks, has launched PVConnect with Temenos Digital on Amazon Web Services (AWS). With Temenos’ cloud-native digital banking platform, PVcombank was able to quickly design, build and launch their highly rated mobile app, transforming the mobile banking experience for one million of their customers.
Powered by Temenos Digital, PVConnect offers a modern and user-friendly mobile banking service that has garnered an impressive 4.9-star rating on the App Store and 4.6-star rating on the Google Play based on feedback from thousands of reviews. Crucially, the agility provided by the Temenos platform allows PVComBank to continuously innovate with low/no code tools and introduce new features into the app.
Customers can open an account via electronic ID in minutes, use their phone number as an account number, choose savings products to suit their needs, pay bills and transfer money with a QR payment feature and via phone number. Additionally, customers have a quick access Widget to quickly view account information and make transactions directly from their phone’s home screen. They can also earn points through each transaction towards eVouchers, financial gifts or charity donations.
PVcomBank has been running on Temenos Core for retail and corporate banking for over a decade. By introducing Temenos Digital, PVcomBank has been able to seamlessly integrate its front and back-office capabilities on a single platform linking on-premise data centers and the cloud. This integration allows PVcomBank to operate more efficiently, streamline processes with increased automation, and deliver a faster, frictionless customer experience.
Mr.Nguyen Viet Ha, Deputy General Director, PVcomBank, commented:
“Mobile banking is the primary channel for our retail business and with Temenos Digital on AWS we’ve been able to deliver an outstanding customer experience with the scalability and flexibility we need to stay agile and responsive to market trends. Since the launch of PVConnect we have moved over one million customers to the new app, and we are thrilled with thousands of positive comments we have received.”
PVConnect is developed on the Temenos platform and a cloud-native architecture, which not only provides an exceptional user experience with an average responsive time less than 100ms, but also increases operational efficiency by 40%, according to the bank. In addition, by releasing new features bi-weekly, PVcomBank can keep up with the demands of its target market and remain competitive effectively.
Based on the outstanding omni-channel experience and streamlined process, PVcomBank has seen significant increases in customer onboarding and deposits since officially launching PVConnect.
Ramki Ramakrishnan, Managing Director – APAC, Temenos, said:
“Congratulations to PVcomBank on the successful launch of its new mobile banking app with Temenos Digital. Leveraging the advanced digital capabilities of our cloud-native platform, PVcomBank is setting the standard for best-in-class customer experience in the highly competitive Vietnam market. Working with AWS we are proud to support the bank to accelerate innovation and scale its digital services sustainably.”
Eric Yeo, Vietnam Country Manager, Amazon Web Services, said:
“Banks of all sizes across Southeast Asia continue to innovate on the cloud to drive improved security, optimize operations, attract new customers, and minimize downtime for their customers through improved digital services. We are proud that PVcomBank has expanded their mobile banking through the launch of their new app with Temenos Digital on Amazon Web Services, showcasing how innovation can quickly scale with the cloud.” | | | |
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