Malta-based card acquirer and payment solutions provider, Truevo Payments, today announced that it has selected Temenos (SIX: TEMN), the banking software company, to launch a payments line to target fintechs.
Truevo is a licensed financial institution serving the corporate wholesale market. The company selected Temenos Infinity, the breakthrough digital front office product, and Temenos T24 Transact, the next generation core banking, as well as Temenos Payments Hub and Financial Crime Mitigation, to benefit from an end-to-end digital platform.
As a payment services provider, Truevo processes payments for businesses from front to back, from enabling payment transactions and managing card settlements, to general ledger, accounting, and financial crime mitigation. As part of its ambitious growth plans, the company has decided to expand its addressable market by targeting the global fintech community for the first time. The winning combination of Temenos’ rich, packaged functionality, together with cloud-agnostic, cloud-native technology, will provide Truevo with elasticity and infinite scalability as it grows this new business line.
The cloud-native, cloud-agnostic Temenos banking products, built on open, API-first technology, will empower Truevo to rapidly innovate. Packaged, pre-integrated, and easily upgradeable, with continuous deployment, the digital end-to-end stack will allow Truevo to implement in the quickest timeframe possible.
David Liu, CEO and Director at Truevo, said: “We chose Temenos because their vision of accelerating growth through digital innovation matches our own. Our mission is to make simple, intuitive and user-friendly payment products that allow our customers to receive payments effortlessly, so they can focus on growing their businesses. We believe that Temenos T24 Transact and Temenos Infinity offer the most complete set of core banking and digital front office capabilities, designed with a customer- first approach. These products will provide us with the speed and flexibility to future-proof our business as we launch the next phase in our global expansion – partnering with fintechs to achieve our goal of reaching one million business clients.”
Steen Jensen, Managing Director of Europe at Temenos, said: “Truevo is growing rapidly to establish itself as a significant fintech disrupter with a fantastic reputation in the market. We are delighted to have been chosen as their strategic technology partner in this exciting new chapter for the business. Our cloud-agnostic, cloud-native technology dramatically reduces the cost of deploying our software, providing financial institutions such as Truevo with greater agility and accelerated speed of innovation. We look forward to working together on this exciting launch into a new market for Truevo.”