KBC in instant payments project with Temenos
Belgium-based banking group KBC is working with Temenos and its Temenos Payments Hub (TPH) to build instant payments functionality for its clients. The announcement was made at the Temenos Community Forum (TCF), the vendor’s annual event, held this year in Dublin, Ireland.
KBC is already a client of Temenos, with its flagship T24 core banking system running at the group’s subsidiaries in Ireland and Bulgaria, and the roll-out underway in Hungary and Slovakia. All this is part of a group-wide technology transformation at KBC.
TPH will be rolled out across KBC’s European network of subsidiaries in Bulgaria, Hungary, Ireland and Slovakia. Belgium and Czech Republic are not in the scope of this project.
KBC is working with other participating banks in Belgium and Europe on instant payment capabilities. The go-live is planned for November 2018, in line with the European regulations around instant payments and the relevant initiatives by pan-European industry bodies.
Users of EBA’s instant payments system, RT1, will be able to access the platform via SwiftNet Instant, Swift’s instant payments messaging solution, from November 2018.
High and low
TPH is an evolution of Temenos Payments Solution (TPS), which was originally unveiled in 2012 as a joint development between Temenos and ABN Amro. The Dutch bank uses the solution for high-value, low-volume payments in the corporate banking space across a number of European locations.
TPS/TPH is now being sold as a standalone solution, competing with the offerings from FIS, Finastra and Fiserv.
Among the known takers are Ally Financial in the US, and Citco, an international group of independent financial service providers that specialises in corporate, fiduciary, financial and fund management services.
The Citco project started in 2015 and also includes the implementation of T24. The new payments hub is set to cover six countries.