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stc pay Scales to 8 Million Accounts on Temenos Open Platform
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Temenos (SIX: TEMN) announced that stc pay, the leading digital wallet in the Middle East, is now operational on its open platform for composable banking. The platform enables stc pay to efficiently manage over 8 million accounts, facilitating global payments, online shopping, and ATM withdrawals. Launched in 2018 and licensed by the Saudi Central Bank in 2021, stc pay is positioned for growth amid increasing digital payment adoption in the region. Collaborative efforts with Seedz Technology Group and BankerWay have integrated advanced banking capabilities to enhance stc pay's offerings.
Positive
stc pay has scaled to over 8 million accounts in just 24 months.
The partnership with Temenos enhances stc pay’s potential to capture new market opportunities.
The cloud-native platform supports cost optimization and operational efficiency.
Negative
None.
Temenos open platform for composable banking enables the Middle East’s leading digital wallet to scale efficiently to meet the growing demand for mobile digital banking
GENEVA--(BUSINESS WIRE)--
Temenos (SIX: TEMN) today announced that stc pay, the Middle East’s leading digital wallet, is live on Temenos open platform for composable banking. Temenos’ cloud-native platform has supported stc pay to scale efficiently to more than 8 million accounts.
stc pay makes it easy for customers to manage money on their smartphone, send and receive payments from anywhere around the globe, shop online and withdraw funds from ATMs.
Launched in 2018 as an Electronic Money Institution (EMI), stc pay received a digital banking license from Saudi Central Bank in 2021. stc pay can now leverage Temenos open platform for composable banking to capture new opportunities with future products.
stc pay runs entirely on Temenos open platform using Temenos Banking Capabilities to handle all transactions and processing for Customer Accounts. The advanced technology architecture provides the most open and secure cloud-native platform for stc pay to compose, extend and deploy banking capabilities at scale.
stc pay is the leading digital challenger in the Middle East and Africa (MEA). Running on Temenos technology, the bank is leaner and greener to optimize costs and drive operational efficiency at scale.
The scalable efficiency of Temenos open platform will help stc pay grow sustainably to meet the region’s increasing demand for digital payments. Today, only about a third of retail transactions are conducted electronically. However, new government and regulatory initiatives and the impact of the COVID-19 pandemic triggered an acceleration of digital payments adoption.
Seedz Technology Group, the digital banking-focused system integrator, led the implementation partnering with Temenos and BankerWay, a leading Temenos specialized service provider, for implementation and customization services. The collaboration enabled stc pay to integrate Temenos banking capabilities with multiple payment services creating the Middle East’s most sophisticated digital wallet.
According to an Economist Intelligence Unit survey, 60% of banking executives in MEA think cash will dip below 5% of retail transactions by 2025. In a 2021 McKinsey consumer survey, 58 percent of Middle East consumers strongly preferred digital payment methods, while only 10 percent strongly preferred cash. The progressive and ambitious Saudi Vision 2030 to transform the economy has fueled this momentum and stc pay’s potential to grow its client base and expand its offering.
Ahmed Alenazi, Chief Executive Officer, stc pay, commented: “Powered by Temenos, stc pay can unlock the vast opportunities of digital payments in the Middle East. Temenos has enabled us to scale efficiently to grow our business sustainably and introduce new products to continuously deliver new and innovative digital experiences for customers and merchants. We are entering a new and exciting growth phase, and the partnership with Temenos is key to our long-term growth.”
Jean-Paul Mergeai, President - EMEA-APAC, Temenos, said: “It is a privilege to partner with stc pay as it expands its service and reach across the region. stc pay delivers a compelling digital experience for customers seeking a fast, easy way to manage money on the go. With high mobile penetration rates across the region and a growing preference for cashless transactions, stc pay has a bright future and is leading in this exciting growth segment. Congratulations to the stc pay team on passing 8 million accounts in just 24 months, a major accomplishment that demonstrates the scalability of the platform and the value the service delivers to customers every day.”
Abdulrahman AlMutairi, Vice President of Technology – STC Pay, said: “With Temenos open platform, we are enabling digital banking in stc pay by introducing robust, secure and cloud-native core banking engine that is embedded in an enterprise architecture for scalability and agility by using APIs, microservices and DevOps.”
Mohamad Ajjour, Chief Executive Officer, Seedz, commented: “stc pay is a pioneer shaping the future of digital payments and digital banking service in the Middle East. The partnership between stc pay, Seedz and Temenos provided a blueprint for a modern digital bank. Congratulations to our innovative partners at stc pay for bringing efforts together to make this happen.”
– Ends –
About Temenos
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
What is the significance of stc pay's launch on Temenos platform?
stc pay's launch on Temenos open platform enhances its operational efficiency and scalability, allowing it to handle over 8 million accounts and meet the rising demand for digital banking in the Middle East.
How has stc pay performed in the digital payment market?
stc pay has rapidly grown to manage over 8 million accounts since its launch, indicating strong performance in the Middle East digital payment sector.
What is Temenos' role in stc pay's operations?
Temenos provides the open platform for composable banking that supports stc pay's transaction processing and enables the integration of advanced banking capabilities.
What trends are influencing digital payments in the Middle East?
Government initiatives and the post-COVID-19 environment are accelerating digital payment adoption, with expectations that cash transactions will significantly decline by 2025.
