Malta’s Finance Incorporated Limited taps Temenos for retail core banking solution
Finance Incorporated Limited (FIL), an Electronic Money Institution (EMI) based in Malta, has partnered with Swiss banking tech vendor Temenos to modernise its digital and core banking capabilities.
FIL will utilise Temenos’ retail core banking solution
The deal will see FIL deploy Temenos’ retail core banking solution as it looks to accelerate the launch of new financial products, enhance its back-office efficiency, and accelerate transaction processing.
Established in 2012, FIL offers a suite of payment and banking services for individuals and businesses. These include its iPaymix e-wallet app, which provides users with an account with a dedicated Maltese IBAN to send and receive money via the Euro SEPA network, while also enabling contactless payments with a debit Mastercard.
It also offers its Paymix Pro account for businesses, which the company says provides an “online portal with multiple user access” and enables firms to “process EUR bulk payments towards multiple beneficiaries”.
The company also launched its Paymix SoftPOS app in Malta and Germany earlier this year, which enables merchants to accept card payments on their mobile devices.
Temenos claims that its digital and core banking platform will enable FIL to scale such services “sustainably” and facilitate the quick introduction of new banking products.
Cenk Kahraman, CEO of FIL, explains that the firm selected Temenos due to its “proven expertise with banks, fintechs, and payment providers in Malta and across Europe”.
Temenos has secured a number of new deals so far this year. Just last week, it was announced that Meethaq, the Islamic banking arm of Oman’s Bank Muscat, has enlisted the services of Temenos as part of its “digital transformation journey,” going live with its core banking software for retail and corporate banking.
