Temenos To Power Telia’s Digital Banking Portal

Bank software company Temenos has won the competition to work with telecommunications conglomerate Telia and power its digital banking operations, according to Reuters reports on Wednesday (April 11).

The Switzerland-based software company revealed it secured the contract with Telia, which will now be able to offer lending and leasing products to retail and corporate customers of its financial unit.

Financial details of their agreement were not reported.

The collaboration follows the release of a Temenos report last year, which found that companies are willing to switch their banking and financial services providers to access better services. That includes 80 percent of businesses willing to switch providers to access faster and instant payment capabilities, with treasurers pointing to heightened risk management capabilities, liquidity management capabilities and cash visibility as positive effects of instant payments.

Banks, meanwhile, appear to be trying to meet higher demand for their corporate clients, the report noted. The majority of financial institutions surveyed by Temenos said they plan to introduce virtual accounts for corporate treasurers within the next 15 months.

“The findings of this survey reinforce the opportunity that real-time payments and liquidity management solutions offer,” said Temenos Product Director — Payments, Darryl Proctor, in a statement at the time. “With 80 percent of corporates in countries without real-time payment infrastructures considering moving their banking relationships within the next year, it’s time for banks to address the move to real-time [payments] by leveraging the latest end-to-end digital software that will allow creation of true real-time services in a single platform.”

Also last year, Temenos’ Proctor spoke with PYMNTS about the rising importance of cloud technology with financial service providers.

“We’re starting to see momentum in the market as banks recognize the benefits that the cloud has to offer, and how those outweigh the perceived risk that comes with implementing new technology, especially around those of replacing aging payments systems,” he said.