PayPal picks Temenos T24 core banking system
PayPal has selected Temenos’ T24 core banking system, delivered in the cloud.
The system will support several of PayPal’s businesses across multiple geographies, namely the US, UK, Germany and Australia.
Temenos says this signing is important for the firm, as it highlights its momentum in the US market with banks and disruptors. Earlier this year, it inked two deals with US banking challengers, Varo Money and Grasshopper Bank.
It is understood that PayPal was first looking to get a new core system back in 2014 but halted the project as it spun off from eBay.
At that time, it was considering the FIS Profile system, according to FinTech Futures’ sources. (Incidentally, FIS has recently beat Temenos to a core banking tech deal at MUFG Union Bank in the US.)
In other recent news, the UK’s Competition and Markets Authority (CMA) is snooping around and says that PayPal’s takeover of Swedish start-up iZettle could lead to higher prices or reduce the range of services for customers.
Elsewhere, Volt, a new challenger bank in Australia, just recently gone live on Temenos T24. Happy days for the supplier.