Fintech
Iraqi FinTech ZainCash goes live with Temenos
By Delisha Fernandes
Today
- Central Bank of Iraq
- Basic banking
- digital payment
ZainCash, a subsidiary of March Holding and a payment service provider in Iraq, has started its business Temenos core banking and payments to fuel the rapid growth and innovation of its digital payment services.
With Temenos, ZainCash has brought together its core banking and payments capabilities on Temenos’ flexible and composable banking platform, which allows for easy integration with existing internal systems, as well as with the Central Bank of Iraq. The robust and agile platform will allow the company to expand rapidly to meet growing consumer demand as it aims to reach 3 million users by the end of the year.
Yazen Altimimi, CEO, ZainCash, said: “Temenos’ open and agile banking platform allows us to innovate and scale rapidly, delivering a world-class payments experience that meets the growing needs and expectations of our customers. With Temenos, we can more easily expand our product range and provide more personalized services as we continue to lead the way in making payments safer, simpler and more convenient for all Iraqis.”
ZainCash will use Temenos’ modern technology architecture with open APIs, to quickly launch a range of new services, including instant lending, and provide customized products for specific groups, such as families and students. It will also offer a digital and seamless onboarding process, resulting in a better user experience.
The increased capacity and flexibility of the Temenos platform will help ZainCash continue to broaden financial inclusion by extending convenient digital financial services to more communities, including Iraq’s large unbanked population. The system will also play a key role in the company’s humanitarian support to the United Nations, enabling ZainCash to provide greater volumes of funds to refugees with greater speed, stability and greater customization of services.
With core banking and payments running on Temenos’ unique platform, ZainCash will benefit from a higher and sustained level of investment in research and development, as well as faster and lower-cost upgrades and maintenance, meaning a lower total cost of ownership.
Lee Allcorn, managing director, Middle East and Africa, Temenossaid: “Congratulations to ZainCash on this successful go-live. We are pleased to support this pioneering FinTech company in bringing innovative and convenient digital services to more Iraqis and continuing to broaden financial inclusion in the country. We continue to invest in our single code base for core banking and payments, which is helping everyone from established banks to agile FinTechs to increase efficiency and improve the customer experience.”