Libra Internet Bank, the top partner for fintechs in Romania, selects Temenos for Cross-Border Payments
Libra Internet Bank chooses Temenos scalable platform to deliver reliable international payments and facilitate ISO20022
TORONTO, Sept. 19, 2023 (GLOBE NEWSWIRE) -- SIBOS – Temenos (SIX: TEMN) today announced that Libra Internet Bank, one of the most innovative banks in Romania, has selected Temenos to modernize its payments capabilities using Temenos Payments to facilitate ISO 20022 cross-border payments and reporting (Swift CBPR+) on the Swift network. Libra will leverage Temenos’ composable, scalable platform to add other payment rails in future, bringing them together in a single, efficient platform. This will support the bank’s growth plans to double payments volumes over the next five years.
Libra Internet Bank has a reputation for innovation, having launched the country’s first 100% online accounts and loans. It is one of the market leaders for partnerships with financial institutions and fintechs in the European Union, giving organizations such as Revolut, Raiffeisen Digital Bank AG, and Wise access to the Romanian market via Libra’s API Banking infrastructure and services.
Libra Internet Bank is already using Temenos for core banking and adding Temenos Payments will allow the bank to simplify and standardize its payments operations on a flexible, efficient platform, increasing Straight Through Processing (STP) rates and enhancing customer servicing.
The platform will support the new ISO20022 based cross-border payment and reporting standards, expanding data transparency and payment tracking services. The solution’s intelligent payments routing and advanced exception handling will improve efficiency and customer experience. Temenos’ comprehensive suite of pre-built APIs allows easy integration with Libra’s existing payments infrastructure and third-party fintech providers. Libra Internet Bank will also be able to improve its sanctions screening processes, for which it uses Temenos Financial Crime Mitigation solution, by standardizing on robust, scalable integration points with Temenos Payments.
Temenos offers a single platform across all banking verticals and business segments, including payments and core banking, and as a result Libra will benefit from higher investment in R&D. With Temenos, the bank will be able to progressively replace its payments legacy systems and accelerate time to value.
Cristina Mahika-Voiconi, General Manager, Libra Internet Bank, commented: “Using the latest technology to improve the products and services that we offer to our customers is one of our core values at Libra Internet Bank. Temenos has enabled us to modernize our operations and remain at the cutting edge of innovation in the Romanian banking sector. Temenos Payments will build on this success by allowing us to improve more quickly in the payments space, bringing faster, more reliable cross-border payments services to our customers and fintech partners.”
Jean-Paul Mergeai, President EMEA-APAC, Temenos, said: “We’re delighted to expand on our long-running relationship with Libra Internet Bank, one of the leading banks for fintech integration in Romania. With Temenos Payments the bank will have a modern payments platform enabling it to scale quickly and propel its growth plans. Following on from a number of recent wins for SEPA Instant processing in Europe, our certification for the FedNow program in the US, and our recent deal with leading global payments provider Convera, this is further evidence of our momentum in the payments space, where we see tremendous growth opportunities. We continue to invest heavily in our single code base across core banking and payments, making our solution the most compelling integrated offering in the market.”
Temenos support clients across the world, for different payment rails like SWIFT, RTGS, ACH and instant payments including both ISO 20022 and non-ISO 20022 schemes. Temenos Payment simplifies payments operations and offers different deployment options: on premise, available on all major public cloud providers for banks to run themselves or as a SaaS solution. It helps banks gain greater efficiency and lower costs. Temenos Payments can scale massively handling all payment types and schemes. Temenos was recently ranked the #1 best-selling payments system in the global IBS Sales League Table for the fifth year in a row.
About Libra Internet Bank
Libra Internet Bank was founded in 1996 in Bucharest. The bank specializes in providing products and services dedicated to liberal professions and also to real estate and agribusiness companies. As one of the leaders in the digitization of Romania's banking industry, Libra Internet Bank has established partnerships with some of the most important international fintechs operating in the country. Libra Internet Bank has a network of 55 branches and has been recognized as Romania's best employer in the financial field for the last three years.
About Temenos
Temenos (SIX: TEMN) is the world’s leading open platform for composable banking, creating opportunities for over 1.2 billion people around the world every day. We serve 3000 banks from the largest to challengers and community banks in 150+ countries by helping them build new banking services and state-of-the-art customer experiences. The Temenos open platform helps our top-performing clients achieve return on equity three times the industry average and cost-to-income ratios half the industry average.
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