Temenos, the banking technology firm, has unveiled an AI-powered, pre-integrated platform named Temenos Money Movement & Management, designed to enhance the efficiency of payments and account services for financial institutions. This innovative solution enables faster, more reliable, and cost-effective money transfers while incorporating AI for automated payments repair, fraud detection, and copilot tools that improve real-time screening and minimize false positives. Mick Fennell, Temenos’ director for payments, emphasized the platform’s ability to simplify access to necessary assets for companies in the money movement business. The platform facilitates swift market entry for new players in the payments sector, expediting the onboarding process for digital wallets and alternative payment networks. For example, FINCI, a Lithuanian electronic money institution, successfully launched in four months, greatly improving onboarding times compared to traditional services. This launch aligns with the broader trend of AI integration into the payments landscape, which is transcending mere fraud detection to influence various elements of payment processing. Furthermore, Temenos has collaborated with Microsoft’s Copilot to integrate copilots within banking systems, aiming to boost user efficiency. The comprehensive platform supports both domestic and cross-border payments, with immediate availability. Fennell illustrated the integration of AI into Temenos’ solutions by comparing AI to fruit in a fruitcake, asserting that it enhances but does not dominate the overall offering. “No matter how good [banks] are, at some stage, there needs to be repairs to a payment because something was missing, for example,” he explained. “Now, we’ve got an [AI] technology that automatically repairs them.” New entrants in the payments sphere will be able to access markets quickly through the platform, which is expected to speed up the onboarding and servicing of digital wallets and alternative payment networks.