Fintech
Validata and Temenos extend technological partnership
Validated announces the extension of their long-standing global technology partnership agreement with Temenos and extended its integration with Temenos core banking to provide banks and electronic money institutions (EMIs) with a cost-effective, next-generation solution for cash and Nostro reconciliation, including payment investigations and case management, correspondence intelligent and exception handling.
Banks and EMIs are required to perform regular internal and external reconciliations with speed and accuracy, to manage liquidity, mitigate risks, comply with regulations and protect customer payments in different currencies, making reconciliation of back-office operations anything but simple.
Temenos customers can leverage the capabilities of Validata’s ConnectIQ platform, a cloud-native, no-code data enablement platform.
ConnectIQ is the leading all-in-one “super-app” powered by AI and machine learning, for intelligent “progressive” migrations and upgrades, synthetic test data generation, end-to-end test automation based on AI and seamless end-to-end reconciliations, including financial close, with advanced data integration into any system, data governance and security, and data democratization capabilities, to create and manage end-to-end enterprise data pipelines to end, embedding data products into platforms and offering an interface that is a reliable way to automate data for digital businesses.
The ConnectIQ platform supports cash and payment reconciliation, Nostro reconciliation and the new ISO 20022 standard on Swift, SEPA, CBPR+, regional HVPS+ and instant payment framework.
Seamless API-based integration between Validata and Temenos’ core banking platform will enable financial institutions to benefit from an optimized experience supporting trade matching, position reconciliations and Nostro. The platform also supports cross-system reconciliation between Temenos Core and Temenos Wealth.
Offered as a SaaS hosted managed service on Microsoft Azure, Validata’s ConnectIQ platform is the alternative to expensive monolithic legacy systems or manual processes, helping customers manage growing transaction volumes, without increasing the size of their operations teams, increasing operational efficiency, as well as achieving greater accuracy and transparency into the quality and speed of data feeds.
Adam Gable, Senior Product Director, Temenos, said: “Temenos and Validata have worked together for many years and it is exciting to see Validata continue to innovate solutions that bring additional value to our platform. With this solution, Validata helps banks with reconciliation and supports them in staying up to date with modern industry standards.”
Vaios Vaitsis, founder and CEO of Validata, said: “We are pleased to extend our collaboration with Temenos to provide customers with MX reconciliation capabilities. Validata is fintech for fintechs that support modern banking and payment systems. In today’s rapidly evolving payments landscape, speed, accuracy and transparency are essential. One of the key considerations for effective reconciliations and investigations is the need for a robust data management platform and strategy. By adding artificial intelligence to the reconciliation mix, Validata can significantly speed up the process, reduce operational costs and increase efficiency. We are committed to providing innovative solutions that enable financial institutions to seamlessly adapt to ISO 20022.”