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 Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term 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 Scalability Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Read this Term 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.”