Finance Incorporated Limited (FIL), recognized as Malta's foremost eWallet provider, has entered into an agreement with Temenos to enhance its digital banking capabilities. Announced on June 5, 2024, the partnership seeks to modernize FIL’s core banking services, including the standout offerings like the Paymix Pro and the iPaymix eWallet app.
The adoption of Temenos' comprehensive retail banking solution is aimed at boosting operational efficiency in FIL's back office. This will enable quicker transaction processing and facilitate the implementation of new financial products.
"We chose Temenos because it has proven expertise with banks, fintechs and payment providers in Malta and across Europe. It also showed it has the most open, secure and scalable banking platform with mature functionality to meet our needs today and in the future," said Cenk Kahraman, CEO of Finance Incorporated Limited.
This collaboration comes at a pivotal time for FIL, as it aims to grow its business fivefold within the next five years. The company caters to a wide array of clients—individuals, corporations, and institutions.
With offerings like iPaymix, users can quickly register for an account, receive a Maltese IBAN, and enjoy seamless transactions across the EURO SEPA network. For businesses, Paymix Pro provides robust features including an online portal that supports bulk payments to multiple beneficiaries.
Mark Yamin-Ali, Managing Director of Europe at Temenos, expressed eagerness for the partnership, stating, "Our focus is on driving innovation centered around our customers and so it’s exciting to see FIL create an intuitive gateway to financial services on our platform. We look forward to supporting the company to grow and expand its range of alternative banking services using the latest technology."
The integration of Temenos' digital banking platform will empower FIL to sustainably scale its products, enabling the institution to swiftly innovate and launch banking products that promise to simplify transactions for users in the increasingly competitive financial landscape.
As the fintech sphere becomes more crowded, FIL’s strategic move with Temenos represents a significant step toward maintaining operational excellence while improving customer service. Both parties are optimistic about the transformation this partnership could incur, as they continue to work closely together to redefine the banking experience in Malta and beyond.