Iraq-based payment service provider ZainCash has gone live with Swiss banking software provider Temenos’ core banking and payments in a move to advance the growth and innovation of its digital payment services.
ZainCash’s go-live is in line with the strategic objectives of the Iraqi government and the central bank to strengthen financial inclusion. It is also expected to accelerate the digital transformation of the national economy.
According to Temenos, the move allows ZainCash to expand its operations more effectively, enhance the customer experience, and rapidly launch new products.
Founded in 2015, ZainCash offers advanced digital payment solutions to a range of Iraqi customers, merchants, and small and medium enterprises (SMEs).
The firm allows users to carry out fast and easy local and international transfers, pay local merchants and government services, and manage funds with a convenient multicurrency card. It is said to have achieved more than 1.2 million app downloads.
ZainCash CEO Yazen Altimimi said: “Temenos’ open and agile banking platform allows us to innovate and scale at speed, delivering a world-class payment experience that meets our customers’ growing needs and expectations.
“With Temenos, we can more easily expand our product range and provide more personalised services as we continue to lead the way in making payments safer, simpler and more convenient for all Iraqis.”
By leveraging Temenos’ modern technology architecture with open application programming interfaces (APIs), ZainCash will easily introduce a range of new services, including instant lending.
The company will also offer tailored products for specific groups, including families and students as well as provide a digital and seamless onboarding process.
Besides, the Temenos platform will support ZainCash to broaden financial inclusion by extending convenient digital financial services to more communities, including Iraq’s unbanked population.
Temenos Middle East and Africa managing director Lee Allcorn said: “We’re delighted to support this pioneering fintech company in bringing innovative and convenient digital services to more Iraqis and continuing to widen financial inclusion in the country.
“We continue to invest in our single code base across core banking and payments, which is helping everyone from established banks to nimble fintechs to increase efficiency and improve customer experience.”
