The new service is targeted at PSPs, including banks, electronic money institutions, and fintechs. Credit: T. Schneider/Shutterstock.

Banking software company Temenos has launched its Cross Border Payments Enterprise Service, a software as a service (SaaS) solution designed for quicker cross border payment services at a reduced cost.

This new service is targeted at payment service providers (PSPs), including banks, electronic money institutions (EMIs), and fintechs,

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It offers pre-configured, ready-to-use capabilities that diminish the risk associated with change and accelerate market entry, helping entities operating on outdated systems with integrated cross border payment functions.

Temenos payments business line director Mick Fennell said: “With the launch of Cross Border Payments Enterprise Service, Temenos reaffirms its commitment to customer-centric innovation within the payments industry.

“This pre-configured, fast-to-market solution streamlines cross-border payments, empowering banks and other PSPs to thrive in an increasingly competitive, real-time and diverse landscape.”

Temenos’ enterprise service enables PSPs to tap into various low-cost remittance networks and supports real-time transactions.

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It is prepared for ISO20022 and accommodates Swift-based payment flows.

The cloud-native and low-code nature of the service ensures scalability and cost-effectiveness, allowing PSPs to manage increased payment volumes with high straight through processing (STP) rates.

Automation further contributes to quicker transaction completions and lower operational expenses.

As part of Temenos SaaS, PSPs can also get continuous updates, ensuring compliance with evolving regulations and messaging standards worldwide.

In July this year, Emenos partnered with Visa to incorporate Visa Direct with the Temenos Payments Hub, making it available to banks through Temenos Exchange.