Temenos, the banking software company, today announced that Saudi Arabian digital wallet, STCPay, has selected Temenos Payments and Temenos Transact to expand its digital payments capabilities.

Temenos Transact is a widely used digital core-banking solution that uses cloud native and agnostic technology. Temenos Payments is a universal cloud-native, cloud-agnostic payments platform.

Real-time, API-first Temenos Transact and Temenos Payments will provide a single, digital platform on which STCPay can rapidly create and update innovative digital services for retail customers.

Using Temenos’ cloud and microservices-based technology to power innovation and transform customer journeys, STCPay aims to double its customer base by 2021.

Longer-term, the business aims to establish itself as the leading digital challenger in the Middle East and Africa (MEA).

STCPay, a subsidiary of STC Group, is Saudi Arabia’s largest and leading mobile wallet app

Launched in late 2018 by STC, the digital challenger aims to provide new, innovative technologies and digital payment experiences to customers and facilitate transactions that are quick, easy, and secure.

Temenos Payments provides Straight-Through Processing (STP) rates over 99% and will underpin STCPay’s digital customer experiences.

Temenos Payments will be integrated with Temenos Transact, the next-generation core banking product, and deployed on private cloud to provide unparalleled resilience and scalability to support skyrocketing volumes of digital payments.

This will provide STCPay with timely benefits in light of regional trends towards cashless banking as a result of COVID-19.

New platform to drive cost efficiency

According to the recent Economist Intelligence Unit report released by Temenos, 60% of banking executives in MEA think cash will dip below 5% of retail transactions in the next five years.

The new platform will drive significant cost efficiency gains and enable sustainable business growth.