Finovate Blog

Swiss fintech Temenos launched its end-to-end Temenos Enterprise Services on the Temenos Banking Cloud this week. The new offering will enable banks to lower the cost, complexity, and risk of modernization, and deploy new software solutions in 24 hours.

Temenos President Product and Chief Operating Officer Prima Varadhan called the offering “a game-changing approach.” Varadhan added, “the ability to deploy fast, take advantage of a functionally-rich system from day 1, and benefit from continuous updates, help banks to attack the largest cost elements of running core banking software.”

Temenos Enterprise Services features 120+ pre-packaged banking products, predefined customer journeys, and more than 700 pre-configured APIs. The offering enables banks, regardless of size, to launch a Minimum Viable Product (MVP), and have a build and test environment within 24 hours. Whether the goal is the launch new business lines or to modernize legacy systems, Temenos Enterprise Services enables banks to benefit from continuous updates, optimal security controls, resilience, and high-performance Service Level Agreements. Banks and FI will also get immediate access to the Temenos Exchange ecosystem with another 115+ complementary solutions.

“Speed, security, and business agility are key for banks to compete and thrive in the digital world,” Varadhan said. “With our end-to-end Temenos Enterprise Services on Temenos Banking Cloud, banks of all sizes can have a ready-to-go system in 24 hours with pre-configured banking products, turn on new features, and benefit from faster time to value.”

A Finovate alum since 2013, Temenos counts more than 700 banks and 3,000+ FIs across 150 countries as users of its technology. The Swiss fintech’s offerings support retail, business, and corporate banking, as well as wealth management and services for fund administrators. Temenos ended 2023 with a new partnership with Lesha Bank, a Qatar-based investment bank that migrated to Temenos’ core banking platform in December.

Swiss payments technology company Rivero raised $7 million in Series A funding this week. Inference Partners and 6 Degrees Capital led the round. Kraken Ventures, Seed X Liechtenstein, the venture arm of PostFinance and angel investor and former Adyen COO, Robert Kraal, also participated in the funding. The company will use the capital to fuel expansion into new markets, enhance product development, and add to its workforce.

“We’re thrilled to share the news of our Series A round,” Rivero CEO and co-founder Thomas Müller said, “especially given the current challenging market conditions. We take this as confirmation of our strong business model and clear market demand for our products.”

A specialist in payment digitization and automation, Rivero makes payments easier for financial institutions, especially issuing banks. The company has two primary SaaS offerings: Kajo, a payment scheme compliance solution, and Amiko, which provides tools for fraud recovery and dispute management. Rivero has forged partnerships with more than 20+ financial institutions including Swiss bank Cembra, which deployed Amiko, and payment card issuer Cornercard, which deployed Kajo.

“Globally, banks spend billions of dollars on scheme compliance and payment dispute management,” 6 Degrees Capital partner Thibault D’hondt noted. “Rivero is the first of its kind to offer a suite of SaaS solutions to help banks and processors address the challenge.”

Founded in 2019, Rivero is based in Zurich, Switzerland.

Here is our look at fintech innovation around the world.

Central and Eastern Europe

• German crypto custodian Fiona raised $15 million in strategic funding at a valuation of $100 million.
• Estonian fintech Money Industries secured a $1.5 million investment led by Caucasus Ventures.
• Omnicredit, Romania’s first micro financing, scoring and factoring company, won the “Best Digital Lending in CEE Among Fintechs” award from the SME Banking Club Association.

Middle East and Northern Africa

• MENA-based Paymob teamed up with GCC-based shopping and payments platform Tamara.
• Ooredoo, a Qatar-based fintech, forged a partnership with Commercial Bank to launch its direct debit solution.
• MENA-based payments solutions provider Magnati collaborated with Oxinus Holdings to enhance payments in the food and beverage business.

Central and Southern Asia

• Indian pay tech Mylapay raised $550,000 in seed funding.
• nanopay brought its remittance solution, Foree Remittance, to Pakistan courtesy of a partnership with the National Bank of Pakistan.
• India’s Unified Payments Interface (UPI) integrated with Singapore-based PayNow to support remittance flows from Indian’s in Singapore back home.

Latin America and the Caribbean

• Conta Simples, an expense management and corporate card services platform based in Brazil, secured $41.5 million in new funding.
• Argentina-based fintech Ualá launched the country’s first no-fee credit card.
• Brazilian fintech Nubank to expand into Colombia.

Asia-Pacific

• Lien Viet Post Joint Stock Commercial Bank (LPBank) partnered with Finastra.
• BitGo secured in principle approval to launch operations in Singapore.
• Funding for fintech startups in Indonesia fell by more than 50% last year, according to a report from Tracxn Technologies.

Sub-Saharan Africa

• Mastercard partnered with illicocash to launch virtual card program in the Democratic Republic of the Congo (DRC).
• IT Web Africa looked at the potential for fintech development in Ethiopia.
• Vienna Payment Solutions teamed up with Interswitch East Africa (Kenya).

Photo by H. Emre