STC Pay, a Saudi Arabian digital wallet, has selected banking software company Temenos to expand its digital payments capabilities, aiming to double its customer base by 2021.
The e-wallet that was launched in late 2018, has chosen the API-first Temenos Transact and Temenos Payments to provide a single, digital platform on which STC Pay can create and update digital services for retail customers.
Temenos Payments is said to provide Straight-Through Processing (STP) rates over 99% and will underpin STC Pay’s digital customer experiences.
Temenos Payments will be integrated with Temenos Transact, the next-generation core banking product, and deployed on private cloud to provide resilience and scalability to support increasing volumes of digital payments.
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.
With model bank capabilities for more than 150 countries, Temenos’ software will support the onboarding of new geographies across the Gulf Cooperation Council (GCC) and scale as STC Pay’s business grows.
Temenos is collaborating closely with Red Hat to create a standardised cloud operating model for STC Pay based on a collection of enterprise-grade, open-source technologies.
The collaboration will provide STC Pay with the combined strengths of market-leading cloud-native and open source technologies.
STC Pay, a subsidiary of the Saudi Telecom Company, was recently in the spotlight for its collaboration with Visa to launch a digital payment solution across Saudi Arabia.
Ahmed Alenazi, Chief Executive Officer of STCPay commented,
“We are excited to partner with Temenos and unlock the vast opportunities of digital payments in the Middle East. Temenos brings to this partnership 20 years’ experience deploying advanced banking software and delivering next-generation digital experiences in Saudi Arabia. With Temenos’ market-leading technology and rich banking functionality, we aim to redefine payments, offering outstanding digital experiences that integrate into our customers’ lifestyles.”
Featured image: Edited from Unsplash
