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New partnership to provide banks and EMIs with a next-generation, cost-effective solution for Cash and Nostro reconciliation

10 mai 2024

Validata announces the extension of their long-standing global, technology partnership agreement with Temenos and has extended its integration with Temenos core banking „to provide banks and Electronic Money Institutions (EMIs) with a next-generation, cost-effective solution for Cash and Nostro reconciliation including payments investigations and case management, intelligent matching and exception management” – according to the press release.

Banks and EMIs are required to perform regular internal and external reconciliations with speed and accuracy, to manage liquidity, mitigate risk and meet regulations and secure client payments across different currencies, making back-office operations reconciliation anything but simple.

Temenos clients 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 smart ‘progressive’ migrations and upgrades, synthetic test data generation,  AI-powered end-to-end  test automation, and continuous end-to-end reconciliations, including financial close, with advanced data integration to any system, data governance and security, and data democratization capabilities, to create and manage your enterprise data pipelines end-to-end, embedding data products into platforms and offering a reliable way to automate data for digital businesses.” – the company said.

The ConnectIQ platform supports cash and payments reconciliation, Nostro reconciliation and the new ISO 20022 standard across Swift, SEPA, CBPR+, regional HVPS+, and instant payment frameworks.

„The seamless API-based integration between Validata and Temenos core banking platform will enable financial institutions to benefit from a streamlined experience supporting trade matching, position and Nostro reconciliations.  The platform also supports intersystem reconciliation between Temenos Core and Temenos Wealth.” – the company explained.

Offered as a SaaS-hosted managed service on Microsoft Azure, Validata’s ConnectIQ platform is the alternative to costly monolithic legacy systems or manual processes, helping clients manage the growing transaction volumes, without increasing the size of their operations teams, increase operational efficiency, as well as achieve greater accuracy and transparency on the quality and speed of data feeds.

Adam Gable, Senior Product Director, Temenos, said: “Temenos and Validata have been working 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 to stay up to date with modern industry standards.”   

Vaios Vaitsis – Founder & CEO at Validata, said: “We are pleased to extend our collaboration with Temenos to provide clients with MX reconciliation capabilities. Validata is fintech for fintechs supporting modern banking and payment rails. 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 strong data management platform and strategy.  By adding AI to the reconciliations mix, Validata can greatly speed up the process, reduce operational costs, and increase efficiencies. We are dedicated to providing innovative solutions that enable financial institutions to seamlessly adapt to ISO 20022.”

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Anders Olofsson – former Head of Payments Finastra

Banking 4.0 – „how was the experience for you”

So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”

Many more interesting quotes in the video below:

Sondaj

In 23 septembrie 2019, BNR a anuntat infiintarea unui Fintech Innovation Hub pentru a sustine inovatia in domeniul serviciilor financiare si de plata. In acest sens, care credeti ca ar trebui sa fie urmatorul pas al bancii centrale?