TEMENOS
19.5.2022 08:29:13 CEST | Business Wire | Press release
Temenos (SIX: TEMN) today announced that stc pay, the Middle East’s leading digital wallet, is live on Temenos open platform for composable banking. Temenos’ cloud-native platform has supported stc pay to scale efficiently to more than 8 million accounts.
stc pay makes it easy for customers to manage money on their smartphone, send and receive payments from anywhere around the globe, shop online and withdraw funds from ATMs.
Launched in 2018 as an Electronic Money Institution (EMI), stc pay received a digital banking license from Saudi Central Bank in 2021. stc pay can now leverage Temenos open platform for composable banking to capture new opportunities with future products.
stc pay runs entirely on Temenos open platform using Temenos Banking Capabilities to handle all transactions and processing for Customer Accounts. The advanced technology architecture provides the most open and secure cloud-native platform for stc pay to compose, extend and deploy banking capabilities at scale.
stc pay is the leading digital challenger in the Middle East and Africa (MEA). Running on Temenos technology, the bank is leaner and greener to optimize costs and drive operational efficiency at scale.
The scalable efficiency of Temenos open platform will help stc pay grow sustainably to meet the region’s increasing demand for digital payments. Today, only about a third of retail transactions are conducted electronically. However, new government and regulatory initiatives and the impact of the COVID-19 pandemic triggered an acceleration of digital payments adoption.
Seedz Technology Group, the digital banking-focused system integrator, led the implementation partnering with Temenos and BankerWay, a leading Temenos specialized service provider, for implementation and customization services. The collaboration enabled stc pay to integrate Temenos banking capabilities with multiple payment services creating the Middle East’s most sophisticated digital wallet.
According to an Economist Intelligence Unit survey, 60% of banking executives in MEA think cash will dip below 5% of retail transactions by 2025. In a 2021 McKinsey consumer survey, 58 percent of Middle East consumers strongly preferred digital payment methods, while only 10 percent strongly preferred cash. The progressive and ambitious Saudi Vision 2030 to transform the economy has fueled this momentum and stc pay’s potential to grow its client base and expand its offering.
Ahmed Alenazi, Chief Executive Officer, stc pay, commented: “Powered by Temenos, stc pay can unlock the vast opportunities of digital payments in the Middle East. Temenos has enabled us to scale efficiently to grow our business sustainably and introduce new products to continuously deliver new and innovative digital experiences for customers and merchants. We are entering a new and exciting growth phase, and the partnership with Temenos is key to our long-term growth.”
Jean-Paul Mergeai, President - EMEA-APAC, Temenos, said: “It is a privilege to partner with stc pay as it expands its service and reach across the region. stc pay delivers a compelling digital experience for customers seeking a fast, easy way to manage money on the go. With high mobile penetration rates across the region and a growing preference for cashless transactions, stc pay has a bright future and is leading in this exciting growth segment. Congratulations to the stc pay team on passing 8 million accounts in just 24 months, a major accomplishment that demonstrates the scalability of the platform and the value the service delivers to customers every day.”
Abdulrahman AlMutairi, Vice President of Technology – STC Pay, said: “With Temenos open platform, we are enabling digital banking in stc pay by introducing robust, secure and cloud-native core banking engine that is embedded in an enterprise architecture for scalability and agility by using APIs, microservices and DevOps.”
Mohamad Ajjour, Chief Executive Officer, Seedz, commented: “stc pay is a pioneer shaping the future of digital payments and digital banking service in the Middle East. The partnership between stc pay, Seedz and Temenos provided a blueprint for a modern digital bank. Congratulations to our innovative partners at stc pay for bringing efforts together to make this happen.”
– Ends –
About Temenos
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.temenos.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20220519005448/en/
Link:
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
SES Announces Results of the Annual General Meeting2.4.2026 16:49:00 CEST | Press release
SES (the “Company”) held the Annual General Meeting (“AGM”) of Shareholders today in Betzdorf, Luxembourg. Following the recommendations made by the Board of Directors of SES, the shareholders have voted in favor of all resolutions, including the Company’s 2025 annual accounts and the proposed annual dividend of EUR 0.50 per A-share (EUR 0.20 per B-share). The total dividend amount comprises the interim dividend of EUR 0.25 per A-share (EUR 0.10 per B-share), which has already been paid to shareholders on October 16, 2025. The final dividend of EUR 0.25 per A-share (EUR 0.10 per B-share) will be paid to shareholders on April 16, 2026. “I would like to sincerely thank our shareholders for their active engagement, visionary support and continued confidence in SES’ strategy,” said Adel Al-Saleh, CEO of SES. “The outcomes of today’s AGM underscore our shared commitment to a bold multi-orbit approach, with Medium Earth Orbit as the strategic backbone of a dynamically evolving global interco
Andersen Consulting styrker sine kompetencer med tilføjelsen af Lukkap2.4.2026 16:31:00 CEST | Pressemeddelelse
Andersen Consulting tilføjer samarbejdspartneren Lukkap, et konsulenthus med fokus på oplevelsesdrevne kompetencer, der er tilpasset kundernes skiftende behov inden for transformation af medarbejdere, kunder og det digitale område. Lukkap, der blev stiftet i 2009 og har hovedsæde i Spanien, leverer integrerede løsninger, der hjælper organisationer med at transformere, hvordan de betjener kunder, engagerer medarbejdere og frigør værdi gennem adfærdsindsigt og dataanalyse. Virksomhedens tværfaglige tilgang spænder over nytænkning af kunderejsen, effektive programmer for medarbejderoplevelser, talent- og ledelsesudvikling, prædiktiv analyse samt omfattende outplacement- og transitionsydelser. Lukkap arbejder på tværs af sektorer — herunder sundhedsvæsen, medicinalindustri, forbrugsgoder, detailhandel, finans og bankvæsen — for at opbygge menneskecentrerede strategier, der skaber målbare forretningsresultater. "Ved at kombinere vores erfaringsdrevne metode med Andersen Consultings globale
Forrester: Three Years Into GenAI, Enterprises Are Still Chasing Its True Transformative Value2.4.2026 16:00:00 CEST | Press release
Low AI fluency, uneven adoption, and marginal productivity gains are limiting enterprise-scale impact According to Forrester’s (Nasdaq: FORR) latest report, Accelerate Your AI Voyage, most enterprises are struggling to turn growing AI adoption and investment into measurable business impact. One of the key factors holding businesses back is low artificial intelligence quotient (AIQ) — Forrester’s measure of AI aptitude — with many employees lacking a clear understanding of how to use AI. Other barriers include an overemphasis on productivity-focused use cases, difficulty measuring impact, and siloed adoption within individual functions. While these challenges can leave firms frozen in doubt or indecision, the wait-and-see approach to AI adoption is no longer viable. To unlock AI’s full potential, organizations need to focus on four key areas: Define the business outcomes and success metrics for what they want AI to achieve; identify specific use cases for AI deployment aligned to those
The LYCRA Company Announces Strategic Partnership on Renewable LYCRA® Fiber2.4.2026 15:00:00 CEST | Press release
Agreement with Texhong Advances Sustainable Fiber Applications The LYCRA Company, a global leader in innovative and sustainable fiber solutions for the apparel and personal care industries, today announced the signing of a strategic partnership agreement with Texhong International Group Limited (“Texhong”), one of the world’s largest suppliers of core-spun cotton textiles. Under the agreement, Texhong will exclusively partner with The LYCRA Company to bring Renewable LYCRA® fiber made with 30 percent plant-based content* to China’s core-spun yarn sector. This collaboration aims to accelerate the adoption of bio-derived spandex across the global apparel and textile industry. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260402505834/en/ The LYCRA Company announced a strategic partnership with Texhong International Group for renewable LYCRA® fiber. Pictured at the signing ceremony held in Shanghai (left to right): Jason Wang,
Brightfin Unifies Brand Following Proven Optics Merger, Delivering a New Standard for Technology Cost Optimization2.4.2026 15:00:00 CEST | Press release
New identity reflects expanded vision to help CIOs “See Clearly. Spend Better.” Brightfin today announced that, following its merger with Proven Optics, the combined company will operate under a single brand: Brightfin. The unified company brings together deep expertise in Technology Expense Management (TEM) and IT Financial Management (ITFM) to help organizations better understand, manage, and reduce total technology spend. Technology spending will exceed $6 Trillion this year, and for most organizations, it remains one of the least understood. CIOs can tell you what they’re spending. Far fewer can tell you whether it’s working. “Over the past several months, we’ve brought these two businesses together around a shared purpose: help enterprise businesses better understand and optimize their technology spend,” said Joel Martins, CEO of Brightfin. “What we are seeing now is a shift. Visibility alone isn’t enough. Teams need to be able to act, tied to real financial outcomes. See Clearly.
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom