Banking software company Temenos has teamed up with Visa to provide the money movement solution Visa Direct to banks.
Visa Direct will be integrated with Temenos Payments Hub and made available to banks via Temenos Exchange, the company’s ecosystem of partner solutions, the companies said in a Tuesday (July 16) press release.
“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,” Mick Fennell, business line director — payments at Temenos, said in the release.
With access to the Visa Direct network, banks can move money to billions of endpoints in more than 190 markets and 160 currencies with real-time cross-border and domestic payment solutions, according to the release. Use cases for cross-border payments include person-to-person (P2P) payments, funds disbursements and bill payments.
The integration of this solution with Temenos Payments Hub will allow Temenos customers to incorporate Visa Direct’s payment capabilities alongside other payments services on a single platform, the release said.
Temenos Payments Hub manages multiple payment clearing rails and services, as well as multiple payment types and schemes, with smart, intelligent routing, per the release.
“The integration of Visa Direct’s money transfer solutions with Temenos’ payments capabilities will streamline the process of deploying, scaling and maintaining ongoing interoperability for cross-border payments,” Edward Chandler, senior vice president and head of money movement solutions, Europe at Visa, said in the release.
Visa’s efforts, via Visa Direct, have made headway into forging the connectivity needed to drive instant payments, Ruben Salazar, senior vice president and global head of Visa Direct, told PYMNTS’ Karen Webster in an interview posted in December 2023.
The payment network has developed, with partners, aliases and directories that allow instant access to sender and receiver bank accounts by linking to emails or mobile devices — even nicknames.
“The alias is connected to multiple payment capabilities or credentials and … connect one network to another network to facilitate [faster] transactions,” Salazar said.
As for Temenos, it said in January that it launched a program to help banks modernize, providing them with a fast and low-risk route to a modern cloud-native architecture.
