PayPal has selected Temenos’ T24 core banking system, delivered in the cloud, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).
The system will support several of PayPal’s businesses across multiple geographies, namely the U.S., U.K., Germany, and Australia.
Temenos said this signing is important for the firm, as it highlights its momentum in the U.S. market with banks and disruptors. Earlier this year, it inked two deals with U.S. banking challengers, Varo Money and Grasshopper Bank.
It is understood that PayPal was first looking to get a new core system back in 2014, but halted the project as it spun off from eBay.
At that time, it was considering the FIS Profile system, according to FinTech Futures’ sources. (Incidentally, FIS has recently beat Temenos to a core banking tech deal at MUFG Union Bank in the U.S.)
In other recent news, the U.K.’s Competition and Markets Authority (CMA) is snooping around and says that PayPal’s takeover of Swedish start-up iZettle could lead to higher prices or reduce the range of services for customers.
Elsewhere, Volt, a new challenger bank in Australia, recently went live on Temenos T24. Happy days for the supplier.
PayPal made its most recent Finovate appearance at FinDEVr Silicon Valley 2014, presenting a workshop titled Making Payments Fun and discussing its PayPal/Braintree Developer program. Temenos is also an alum of our developer’s conference, introducing its B2B Financial Apps Marketplace as part of FinDEVr Silicon Valley 2015.
Both PayPal and Temenos have demonstrated their technologies on the Finovate stage: PayPal at FinovateEurope 2012 and Temenos at FinovateEurope 2015.
