Temenos, a payments company with links to Ripple since way back in 2016, has now launched a new payments hub on IBM Cloud.
Swiss-based payment firm Temenos announced this week that it has launched a new solution dubbed Temenos Payments Hub on IBM Cloud for Financial Services. The new service is the latest offering from Temenos, whose open network reportedly helps 1.2 billion people in the world meet their banking needs.
However, the newly launched hub focuses more on Temenos’ banking partners. It will make it easier for banks to accelerate their digitization journey by seamlessly integrating with legacy payment solutions such as SEPA in Europe and FedNow Instant Payments in the United States. Additionally, it will empower banks to adopt the latest security and compliance measures for digital payments.
Similar to most core payment-focused products offered by Temenos, the Payments Hub will reduce costs for banks who otherwise would have to build such capabilities.
It will also enable these institutions to offer an improved user experience and leverage the latest innovations in the world of digital payments.
Following the launch of the Temenos Payments Hub, the company also demonstrated its new capabilities with central bank digital currencies (CBDC). The solution focused on retail CBDC usage and explored functionalities such as offline payments.
Temenos’ Ties With Ripple
Temenos is one of the earliest payment companies with ties to Ripple. Back in 2015, the company did a deep dive into Ripple’s solution, labeling it a “fundamental shift in how value can be transported.”
Fast forward to May 2016, big-four accounting firm Deloitte showcased the integration of Ripple’s technology into Temenos 24, a core technology banking solution. Deloitte at the time stated that Ripple’s solution “dramatically changes the way international payments are being managed and processed.”
While Ripple and Temenos are yet to announce any official partnership, the Swiss-based company has long admired the blockchain company’s solution for global payments. Besides, the improved clarity on the status of XRP in the United States may also pave the way for any such partnership to materialize.