Credorax, Temenos Team Up to Launch New Mobile Payments-Style Banking Tools

February 4, 2019         By: Steven Anderson

Mobile banking is an increasingly popular option, though as we’ve seen from some previous reports, it’s not the kind of thing we need to allow to completely co-opt physical branches. A better mobile or online experience, however, is vital to banks going forward, and to that end, Temenos and Credorax recently tipped us off about a new partnership effort that will bring a potent new core banking platform to users as a cloud-based option.

Temenos focuses on banking software, while Credorax is well known as a smart acquiring banking firm, so the duo working in concert should produce some excellent results. Thanks to the team-up, Credorax will be able to expand its line of offerings in the field to new market segments, as well as speed up its own development. Temenos, meanwhile, will be able to get greater exposure for its product line, and hopefully, ramp up revenue in the process.

The end result of the team-up, referred to as “T24 Transact”, is a complete technology ecosystem, complete with application programming interface (API) support and the ability to run on Microsoft Azure, making it available just about anywhere with an internet connection. Temenos was actually the first company to run a cloud-based offering over Microsoft Azure, a concept that’s since caught on. It’s poised to be an excellent tool for cross-border operations, a point that’s especially sticky in places like Europe with several countries in close quarters.

Temenos and Credorax are in an excellent position here. We’ve seen that customers want mobile banking to the point where an insufficiently positive experience in same will prompt plans to change banks, so banks must therefore offer a high-quality experience in order to preserve customer bases. It’s getting to be table stakes, and any bank that’s caught flat-footed here will need at least some kind of entry-level solution. T24 Transact might well be that solution.

With mobile banking only gaining in popularity, even if only as part of a larger experience, the end result is the same: banks need quality tools to get ahead. Temenos and Credorax may well have the shovel concession in the new gold rush.