Temenos has announced that Finance Incorporated Limited (FIL) has selected Temenos to modernise its digital and core banking capabilities.

FiIL is the Maltese Electronic Money Institution behind the Paymix Pro business account, iPaymix eWallet app and Paymix SoftPOS.

FIL will implement Temenos’ end-to-end retail banking solution to improve back-office efficiency, speed up transaction processing and launch new payments and other financial products faster and at lower cost.

With Temenos, FIL aims to scale the business and elevate the customer experience to achieve 5x growth over the next five years

FIL deploys a range of products and services aimed at individual, corporate, and institutional clients. With iPaymix customers can sign up for an account and get a Maltese IBAN in minutes.

Business customers can choose Paymix Pro and get a dedicated Maltese IBAN and an online portal with multiple user access, and process EUR bulk payments towards multiple beneficiaries.

FIL launched its new softPOS product in Malta and Germany earlier this year, which will allow merchants to accept card payments on their smartphones through the Paymix SoftPOS app. The app is envisaged to be launched in other EU countries soon.

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Temenos digital and core banking platform will enable FIL to scale these products and services sustainably and quickly create new banking products to make payments and transactions easier and more efficient for customers.

Cenk Kahraman, CEO, Finance Incorporated Limited, commented: “We chose Temenos because it has proven expertise with banks, fintechs and payment providers in Malta and across Europe. It also showed it has the most open, secure and scalable banking platform with mature functionality to meet our needs today and in the future.”

Mark Yamin-Ali, Managing Director – Europe, Temenos, said: “Our focus is on driving innovation centered around our customers and so it’s exciting to see FIL create an intuitive gateway to financial services on our platform. We look forward to supporting the company to grow and expand its range of alternative banking services using the latest technology.”