Temenos, the banking software company, and Credorax, a leading global smart acquiring banking firm, today announced that it has selected Temenos T24 Transact deployed on the cloud. Temenos’ digital banking platform in the cloud will enable Credorax to expand into new market segments, and accelerate time-to-market for its offerings, for enterprises and small businesses, beyond merchant acquiring, into cross-border payments and banking services.

Credorax has created a fully API-centric, technology ecosystem with the Temenos open banking platform running on Microsoft Azure.  Temenos was the first banking software provider to launch a cloud offering running on Microsoft Azure and since 2011, T24 Transact has been available as a managed service on the Temenos Cloud.  

After fundamentally changing the landscape of traditional merchant acquiring by leveraging its technology assets and expertise to address the unique needs of online merchants, Credorax established itself as a significant fintech disruptor. Now, Credorax is a fully-fledged European commercial licensed bank via the Malta Financial Services Authority, and offers a suite of advanced services, including fraud detection and local processing.  Credorax’s partnership with Temenos signifies further growth of Credorax offerings and efficiency and an embrace of cloud innovation that is increasing vital to the banking industry.

Steen Jensen, Managing Director – Europe, Temenos said: “Temenos shares Credorax’s focus on innovation and best-in-class digital customer experience, and provides a proven, open, technology platform that is future-ready and scalable to meet exponential growth. With T24 Transact, Credorax can capitalize on real-time, highly flexible technology today, as well as have a foundation for future growth. Our focus on innovation is relentless. We were the first to launch a core banking in the cloud and continue to invest heavily in our cloud capabilities.”

“Adding Temenos was a no-brainer for us, as we want to provide the scalability necessary to dominate the financial services industry and couple that with versatile and innovative cloud services,” said Moshe Selfin, COO of Credorax. “Temenos enables us to be leaders in cloud banking technology and enhances our offering. That’s not only a win for both of our businesses, but for our customers as well.”

Two decades after the introduction of e-commerce, cross-border merchants continue to encounter significant challenges in the European banking services market, as European banks remain focused chiefly on traditional retail models. In response to a monopolized banking ecosystem, and to offer more choices to businesses and consumers, the European Union enacted PSD2 (Revised Payment Service Directive) earlier this year. The regulation levels the playing field for innovative financial services companies to compete against established banks. As a trailblazer in financial technology, Credorax’s move into cloud-based banking creates a benchmark for other technology-driven companies in this space to take advantage of PSD2.

Moshe Selfin, COO at Credorax, said: “At Credorax, disruption and innovation is in our DNA. Our goal is to accelerate global e-commerce by transcending the challenges faced by traditional acquirers and banks, and provide cross-border e-commerce merchants with faster processes, advanced flexible payment and banking solutions, and customized commercial models. Through partnerships with innovators and market leaders like Temenos, we are elevating our banking service offerings while leveraging our fintech roots.”