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PayPal taps Temenos for digital banking services

The digital payment platform selected the banking software systems provider during the latter half of December 2018. PayPal will use Temenos’ T24 banking platform and the company’s cloud in support of its businesses in many locations, among them the US, UK, Germany, and Australia.
Temenos wrote that the agreement with PayPal “highlights Temenos’ momentum in the US market with both banks and disruptors”.
Regarding PayPal’s growing foray into the world of financial services, the company has recently started to offer lending services. Additionally, the worldwide online payments juggernaut acquired payment outfit Hyperwallet and credit provider iZettle in 2018. PayPal also made a deal with US-based retailer Walmart to collaborate on, and provide, financial services.

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