Digital Wallet STC Pay Selects Temenos to Expand Digital Payments Capabilities

Digital Wallet STC Pay Selects Temenos to Expand Digital Payments Capabilities

STC Pay, a Saudi Arabian digital wallet, has selected banking software company Temenos to expand its digital payments capabilities, aiming to double its customer base by 2021.

The e-wallet that was launched in late 2018, has chosen the API-first Temenos Transact and Temenos Payments to provide a single, digital platform on which STC Pay can create and update digital services for retail customers.

Temenos Payments is said to provide Straight-Through Processing (STP) rates over 99% and will underpin STC Pay's digital customer experiences.

Temenos Payments will be integrated with Temenos Transact, the next-generation core banking product, and deployed on private cloud to provide resilience and scalability to support increasing volumes of digital payments.

Temenos Saudi model bank will deliver pre-configured, country-specific capabilities and regulatory compliance to support STC Pay to roll out its new platform