The partnership will enable joint customers of ClearBank and Temenos to benefit from a rapid access to real-time payments services
UK-based clearing bank ClearBank has entered into a strategic partnership with Temenos, a Swiss banking software developer, to leverage its cloud-based payments platform.
ClearBank aims to provide banks with access UK payment systems and a quick way to market for real-time payments services in the cloud, by deploying the payments platform, which enables the centralization of payment processing.
Utilising the solutions offered by Temenos Payments, a cloud-native and cloud-agnostic payments platform, the partnership is expected to lower the barriers to entry in the UK payments scheme through ClearBank’s clearing connectivity.
The partnership will enable the customers of both the companies to benefit from a comprehensive, end-to-end service and access to real-time payments services such as Bacs Payment Schemes Limited (Bacs), CHAPS and Faster Payments, through ClearBank’s API-based services.
ClearBank CEO Charles McManus said: “We are delighted to form this strategic relationship with Temenos and extend the capabilities of our cloud-native banking services to reach a greater number of banks and financial institutions in the UK.
“Temenos’ market-leading banking software serves a truly global customer base and we are excited to expand our combined offering outside of the UK payments market as our alliance strengthens over time.”
The Temenos and ClearBank partnership could offer tangible benefits for their customers
The combined capabilities of Temenos and ClearBank is expected to offer tangible business benefits for customers in the form of reduced time to market, cost and complexity in deploying payments services.
The collaboration is also expected to futureproof payment capabilities of banks by supporting them in quickly complying with a change in regulations and adapt their services to local schemes.
Temenos UK regional director Des Noctor said: “We are excited to form a strategic business relationship with ClearBank. The payments market is growing at an astronomical pace in response to digital banking adoption and swelling payments volumes.
“At this pivotal time, it is vital that banks have a fast and effortless route to market so they can quickly respond to customer appetite for real-time cloud payments. Powered by cloud-native, cloud-agnostic and AI-enabled technology, Temenos Payments provides the richest payments functionality for seamless, real-time customer experiences.
“Together with ClearBank, we will extend this offering to provide the most comprehensive offering for UK banks deploying payments in the cloud.”
Recently, Temenos has been selected by Virgin Money Australia, owned by Bank of Queensland (BOQ), as its digital banking technology partner.