Access Africa, a payment product developed to simplify global payments through various channels including P2P and B2B, and Thunes, a payment infrastructure platform that proficiently connects over 130 countries into a unified network, have collaborated to amplify and streamline cross-border payment services across 13 African countries.
This strategic partnership aims to fortify and expand the reach of Access Africa’s payment and remittance services to over 100 additional countries and expose Thunes to all 60 million customers of Access Africa across over 600 branch locations. Moreover, it aspires to enhance the connectivity between Africa and the rest of the world, whilst offering substantial improvements to customers who need to make routine cross-border payments to and from African markets.
Access Africa, an innovative payment product, specialises in facilitating global payments for various transaction flows including person-to-person, business-to-business, and more, operating through numerous corridors such as the United Kingdom, China, Spain, Turkey, and France among others.
On the other hand, Thunes, with its headquarters in Singapore and offices in 20 locations worldwide, excels in providing a modular platform that enables its customers to perform various financial operations like paying, accepting, and exchanging money while ensuring compliance. It enables transparent money movement, bridging the gap between payment systems in developed and emerging markets across the globe.
Customers of Access Africa, both account holders and non-account holders, will benefit from this partnership by being able to execute uncomplicated international payments and also receive diaspora inflows in USD from regions across the globe in forms of cash or bank deposits. It unifies digital payment technology advantages to address the traditional bank-based cross-border payment flows’ friction, thus making payments more swift, straightforward, and transparent.
Access Bank Senior Advisory Retail Robert Giles said, “This strategic partnership reinforces Access Africa’s commitment to providing customers and non-customers with access to top-quality remittance services. Our partnership will significantly expand the reach of Access Africa’s payment and remittance services to over 100 more countries and expose Thunes to all 60 million customers of Access Africa with over 600 branch locations.”
Thunes Executive Vice President Aik Boon Tan expressed, “We are excited for the future of our partnership as we enhance the connections between Africa and the rest of the world, and bring major improvements to customers that need to make regular cross-border payments to and from African markets.”
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![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-218x150.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")
