Banking-as-a-Service platform developer Temenos has launched a new ready-to-deploy cross-border payments function developed for by payments services providers (PSPs).

The Temenos Cross Border Payments Enterprise Service is pre-configured with connections to multiple low-cost remittance networks, supporting cross-border transactions through real-time payments rails.

The cloud-native, low code-built capability promises rapid implementation, scalability and cost-effectiveness for users.

The service is ISO20022-ready and supports SWIFT-based flows.

“This allows PSPs to efficiently increase payments volumes with high STP rates, effectively reducing costs while also enhancing customer satisfaction. Furthermore, the utilisation of automation results in faster completion times and reduced operational costs,” Temenos said.

The service is built for a wide range of PSPs, including banks, electronic money institutions (EMIs) and fintechs, enabling them to “swiftly launch and lower the cost of cross-border payment services”.

The launch of the service comes as the Bank for Internation Settlements (BIS) urges greater harmonisation of a cross-border payments scheme as part of its G20 remit. The BIS recently released guidance for stakeholders on governance and risk management priorities when interlinking global fast payments networks.

The BIS has also released a recommendations guide for stakeholders in harmonising cross-border payments APIs.

At present API technical standards remain “fragmented”, according to the BIS, “hindering their potential in cross-border payments and leading to increased processing time and expenses, as well as higher risks of error”.