ZainCash Iraq, the leading digital wallet in Iraq, has chosen Temenos to power the rapid growth and innovation of its digital payment service. Adopting the Temenos platform for core processing and payments, enables ZainCash to swiftly develop and launch digital services, meeting growing customer demand and helping Iraq transition to an innovative cashless society.
ZainCash is licensed by the Central Bank of Iraq to provide integrated electronic financial services. Currently, it offers P2P transfers, bill and merchant payments, disbursements, recharge digital products and other consumer and merchant services.
The company processes millions of transactions and has been recognized by GSMA and others for its mobile innovation. Particularly its humanitarian support to the UN in fund disbursement to refugees and displaced individuals.
Leveraging Temenos’ modern technology architecture – built on microservices and APIs – means ZainCash can bring the latest FinTech innovation to market much quicker and scale efficiently. The company plans to introduce new digital onboarding, credit and saving products, and international remittance services on the Temenos platform.
Yazen Altimimi, Chief Executive Officer, ZainCash, commented: “We chose to partner with Temenos because we needed an open and agile banking platform that would allow us to innovate and scale at speed. We are committed to investing in the best technology, and with Temenos, we can deliver a world-class payment experience that meets our customers’ growing needs and expectations. With Temenos, we can lead the way in making payments safer, simpler and more convenient for all Iraqis.”
Jean-Paul Mergeai, President, APAC-EMEA, Temenos, said: “We are delighted ZainCash has selected Temenos to scale its digital payment services. This pioneering FinTech company joins many of the largest and most innovative financial services companies in the Middle East and across the world that run on Temenos. Iraq is mainly cash-driven today, but with a population of 40 million, including a large young and tech-savvy demographic, there is a huge untapped potential for payment digitization. Temenos has a strong presence in the region and deep local expertise to support ZainCash as it continues to build and grow its business.”
ZainCash is a pioneering E-payment company licensed in 2016 by the Central bank of Iraq License No.1 to provide integrated electronic financial services all over Iraq, and today ZainCash process +1 million financial transactions. In 2019, ZainCash was awarded as “Telecom Lead Innovation”, and was nominated for “The Best Mobile Innovation supporting Emergency” in 2020/21.
Temenos AG (SIX: TEMN) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.