Business Wire

Temenos and Mastercard Join Forces to Accelerate the Adoption of Request to Pay

Share

Temenos (SIX: TEMN), the cloud banking platform, today announced a collaboration with Mastercard, a leading global technology company in the payments industry, that will help banks to accelerate their introduction of Request to Pay services in the UK. This new initiative combines pre-composed solutions on the Temenos Banking Cloud with market-certified Mastercard services, making it easier, faster and cheaper for financial institutions to introduce Request to Pay services.

Request to Pay enables billers to dynamically request and manage the payment for a bill rather than simply sending an invoice. The payer receives a curated digital request on their internet or mobile device through a banking or third-party fintech application. The payer can either partially or fully approve, defer, or even reject the request, enabling them to manage their bill payments better. However, if approved, a payment order will be submitted for execution within the bank via a preferred route, including through the Faster Payments system, allowing the Biller to receive funds in real-time.

While Request to Pay has enormous potential to transform the payments landscape, it is still at an early phase of its rollout and reach. With this collaboration, Temenos and Mastercard aim to accelerate market adoption, enabling complete end-to-end, real-time processing and secure and successful communication between buyers and payers.

Request to Pay is attractive to financial institutions as it positions them at the center of the bill pay experience, helping to improve customer engagement and achieve competitive differentiation. For their biller clients, it helps them engage with payers more securely and effect the faster receipt of the payment, improve payment reconciliation and reduce arrears and associated costs. Furthermore, for both Financial Institutions and Payers, Request to Pay can also help reduce instances of Authorized Push Payment (APP) fraud due to the strict Anti-Money Laundering and Know Your Customer processes in place across the ecosystem.

Mastercard’s State of Pay report found one in ten people in the UK often forget to pay their bills resulting in late payments, and nearly one in five say they do not feel in control of the outgoings from their accounts. Request to Pay provides individuals with more options and flexibility to settle bills, whether for significant purchases, utility and telecoms bills, or items such as council tax payments.

The estimated market potential for Request to Pay is vast. The UK recurring bill payments market alone is estimated at more than six billion transactions, amounting to hundreds of billions of pounds in value. There are also a large number of ad-hoc bills for non-recurring items like car repairs and decorating services, which present an additional significant potential market for Request to Pay. UK Finance estimates these ad-hoc bills total approximately 30bn bills annually. Increased digital services and subscriptions have stimulated the growth of non-traditional recurring bills – further increasing the expectation of volume growth in the upcoming years.

Mick Fennell, Business Line Director, Temenos Payments, said: “The race is now on to take advantage of Request to Pay driven market opportunities, where both billers and payers demand easy to use solutions embedded into the service offerings from their banks. Working with Mastercard, the Temenos Request to Pay solution will enable banks to quickly seize and develop these opportunities, building a competitive edge in fulfilling market demand for efficient, reliable, and cost-effective execution of the service.”

Frode Asheim, EVP, Bill Pay, Mastercard, added: “When paying bills, people value choice, control and flexibility with the added convenience of having all their bills in one place for a smooth day-to-day money management experience. Our innovative Request to Pay solution addresses these needs from consumers while at the same time providing additional benefits for billers and financial institutions. The participation of banks and other FI’s is essential to the success of Request to Pay, and by working with partners like Temenos, we can accelerate adoption in the market.”

– Ends –

About Temenos

Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.

Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.

For more information, please visit www.temenos.com.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Jessica Wolfe & Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
Email : press@temenos.com

Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
Email: allnewgatetemenos@newgatecomms.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Takeda and Seagen to Highlight ADCETRIS ® Combination Data Showing Statistically Significant Improvement in Overall Survival (OS) for Patients with Advanced Hodgkin Lymphoma26.5.2022 23:25:00 CEST | Press release

Takeda Pharmaceutical Company Limited (TSE:4502) and Seagen Inc., (NASDAQ:SGEN) today announced that overall survival (OS) data from the Phase 3 ECHELON-1 clinical trial of an ADCETRIS® (brentuximab vedotin) plus chemotherapy combination will be presented in an oral session at the 59th American Society of Clinical Oncology (ASCO) Annual Meeting on Friday, June 3, 2022, 1:00-4:00 PM CT, and at the 27th European Hematology Association (EHA) Annual Meeting on Friday, June 10, 2022, 11:30 – 12:45 CEST. “The longer-term follow-up data from the ECHELON-1 trial have significant clinical importance, as this trial represents one of only two frontline randomized studies in advanced stage Hodgkin lymphoma that shows an overall survival advantage for the experimental arm,” said Stephen Ansell, M.D., Ph.D., Mayo Clinic, and ECHELON-1 study investigator. “These results clearly show that the addition of brentuximab vedotin to chemotherapy improves the long-term outcome of patients and the combination

Ipsen: ASCO 2022: New Cabometyx ® Data Show Encouraging Results in Monotherapy and in Combination Across Different Tumor Types Including Metastatic Non-Small Cell Lung Cancer26.5.2022 23:00:00 CEST | Press release

Regulatory News: Ipsen (Euronext: IPN; ADR: IPSEY) today announced encouraging data to be presented for the multi-targeted tyrosine kinase inhibitor (TKI), Cabometyx® (cabozantinib), across a range of cancer types at this year’s American Society of Clinical Oncology Annual Meeting (ASCO 2022) to be held on 3-7 June. Data presentations will include findings in metastatic non-small cell lung cancer (NSCLC), as well as established indications of advanced renal cell carcinoma and radioactive iodine-refractory differentiated thyroid cancer (RAI-R DTC). These data show that the therapeutic potential of Cabometyx as a key treatment option in a broad range of tumors is continuing to be realized. Updated outcomes from the multicenter Phase Ib COSMIC-021 trial evaluating the combination of Cabometyx plus atezolizumab in an expanded patient population in metastatic NSCLC demonstrate encouraging clinical activity with manageable toxicity in people previously treated with an immune checkpoint inhib

New Better Dispensing Videos from Nordson EFD Explain Jetting Technology and How to Choose the Right Solution26.5.2022 19:00:00 CEST | Press release

Nordson EFD, a Nordson company (NASDAQ: NDSN) and leading precision fluid dispensing systems manufacturer, introduces a new Better Dispensing™ How-To Video series. These three highly educational videos presented by EFD application specialist, Tom Muccino, provide best practices for choosing between contact dispensing and non-contact (jet) dispensing, and how to select the best jetting valve for a manufacturing application. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220510006079/en/ xQR41 Series MicroDot™ needle valve (left) and PICO Pµlse XP jet valve (right). (Photo: Business Wire) “One of the main differences is that with jetting, your valve never touches the surface of the part. Instead, your fluid “flies” or “jets” out of the valve, which is above the part,” Muccino explains in the first video. “This makes jetting perfect for fragile or complex parts.” Nordson EFD provides a wide range of contact and non-contact (jet

Medisca Drives Worldwide Access to Thyroid through Distribution License with SUANFARMA26.5.2022 18:17:00 CEST | Press release

On March 16, 2022, Medisca, a global supplier of pharmaceutical ingredients and equipment, entered into an exclusive agreement with SUANFARMA, a European-based manufacturer and distributor of pharmaceutical ingredients, for the global supply and distribution of Thyroid Powder, USP, by leveraging its exclusive partnership with pharmaceutical manufacturer, Sichuan Deebio Pharmaceutical Co., Ltd (Deebio). “Partnering with Deebio in June 2021 was a huge milestone for the pharmaceutical compounding industry as it allowed us to secure and stabilize the supply of high quality Thyroid Powder for the US market,” said Panagiota Danopoulos, Senior Vice President of Global Strategy & Innovation at Medisca. “After going to market, we immediately realized that the demand for Thyroid Powder extended outside of our usual distribution channels to compounding pharmacies,” continued Danopoulos. “And we had the capacity to upscale supply to make this critical ingredient accessible to various markets, chan

Merck to Present Latest Research From Oncology Portfolio at ASCO 202226.5.2022 18:00:00 CEST | Press release

Merck, a leading science and technology company, today announced the latest research representing the Company’s innovative oncology portfolio has been accepted for presentation at this year’s American Society of Clinical Oncology (ASCO) Annual Meeting, June 3-7, 2022. Data encompass Company-sponsored, investigator-sponsored, and external collaboration studies. Abstracts to be shared at the meeting include data for the Company’s licensed medicines BAVENCIO® (avelumab), TEPMETKO® (tepotinib) and ERBITUX® (cetuximab), and its oncology pipeline. The presentations span key tumor types including advanced urothelial carcinoma (UC), advanced renal cell carcinoma (RCC), metastatic non-small cell lung cancer (NSCLC), metastatic colorectal cancer (CRC), and head and neck cancer (SCCHN). “We look forward to coming together with the scientific community at ASCO 2022, where we will share the latest data from our portfolio, which demonstrate our determination to make a real difference in the lives of

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom