Swiss core systems provider Temenos has launched Payment Hub in cloud on Microsoft Azure, which enables banks to offer payments at a lower initial investment and provide better value to customers.

Temenos’ Payment Hub features intelligent routing and settlement to find the best route for payment and offer banks a single solution for processing low value, high value and instant payments.

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It operates as a fully embedded component of the Temenos core banking platform and is available both in the cloud and on-premises.

The componentized Payment Hub, which can also run as a standalone payment processing engine, is paired with the global scale of Azure to enable quick time-to-market and ease of implementation while reducing maintenance effort and the total cost of ownership

Temenos payments product director Darryl Proctor said: “We have been pioneering with Microsoft since 2011, which led to Temenos becoming the first vendor to put a core banking system in the public cloud.

“We are now extending our capabilities by becoming the first to launch a Payment Hub, that is fully embedded into a core banking platform, in the cloud.

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“With the addition of payments to our cloud offering we have the most complete cloud-based portfolio available in the market. We see a real appetite in the banking space for cloud solutions, with 22% of new business taking cloud services as an alternative to on-premises deals and a doubling of average deal size.”

Microsoft worldwide financial services vice president Janet Lewis commented: “Technology is increasingly providing financial institutions a competitive edge, and is enabling firms to deliver essential financial services to people around the world – services that can drive entrepreneurial spirit, build community, and foster creativity and purpose.

“We have been working with Temenos to revolutionize the banking industry – extending their Payment Hub into Microsoft Azure gives them the most complete cloud-based portfolio.

“By pairing their payments offering with Microsoft Azure, Temenos will enable banks to tap into this vibrant, evolving market, while also providing banks and their customers with the assurance that comes with the security, privacy and compliance built into Azure.”