Temenos, a cloud banking platform, has announced a strategic
collaboration with Mastercard, a global technology company in the payments
industry. The partnership aims to accelerate the implementation and delivery of
Mastercard Move, Mastercard’s comprehensive portfolio of money transfer
capabilities, to banks and their customers worldwide.

Diverse Disbursement Methods

Mastercard Move empowers banks to securely and swiftly move
money across borders. It offers a cost-effective range of options for routing
and delivering funds through Mastercard’s extensive global network.

With nearly
10 billion endpoints spanning over 180 countries, recipients can choose from
various disbursement methods, including cards, bank accounts, cash pick-up
locations, and mobile wallets.

Mick Fennell, Business Line Director – Payments at Temenos,
expressed excitement about the partnership: “By combining Mastercard Move’s
capabilities with our flexible Payments Hub, integrated with our comprehensive
account services, we are empowering banks to turn on a new cross-border
distribution option with ease and provide their customers with seamless and
secure international payment experiences.”

We are excited to announce a collaboration with @Mastercard to accelerate the implementation and delivery of Mastercard Move.Learn how the integration with Mastercard Move’s offers customers more choices in how they send and receive money abroad: https://t.co/JqDjQCDsM3 pic.twitter.com/XxIQ4s04Jn

— Temenos (@Temenos) June 4, 2024

Payment Sources and Channels

By integrating Mastercard Move into the Temenos Payments
Hub, Temenos customers gain seamless access to cross-border capabilities. This
consolidation streamlines payment sources and channels, connecting multiple
clearing and distribution networks and services.

The Temenos Payments Hub,
built on a cloud-native, API-first architecture, efficiently manages multiple
payment clearing rails, services, and payment types. Its intelligent routing
ensures scalability to meet the evolving demands of the payments landscape.

Roberto Tittarelli, EVP New Payments Platform Europe at
Mastercard, emphasized the benefits for banks: “With the integration of
Mastercard Move’s money transfer solutions with Temenos’ payments capabilities,
banks will benefit from a streamlined process to deploy, scale, and maintain
ongoing interoperability for cross-border payments. This will in turn provide
the banks’ customers with fast, secure, and efficient cross-border payments,
making them the ultimate beneficiaries.”

This article was written by Tareq Sikder at www.financemagnates.com.