While Americans were eating hot dogs on the Fourth of July, Temenos, a provider of banking software based in Switzerland, released software that the company says improves transaction speeds and speeds up mobile banking. The software, called the Temenos Integration Framework, or T.I.F. for short, provides an interface between older, legacy systems and newer components that improves transaction speeds for mobile customers. T.I.F. can also speed up the incorporation of third-party technologies and data into a bank’s core system. This software can be used for core banking application and data, as well as for mobile applications. The software was piloted in Kenya, which is a worldwide leader in mobile banking and mobile payments largely as a result of the M-Pesa mobile payment payment system there, which has seen widespread adoption. The Commercial Bank of Africa (CBA) piloted Temenos’s product on its mobile payment application M-Shwari, which is a custom M-Pesa application made by M-Pesa creators Safaricom. Eric Muriuki Njagi, general manager of new business ventures at CBA, said T.I.F. ”enabled us to go live [with M-Shwari] in five months when otherwise it would have taken three times longer. … And, because we were able to launch so quickly without any issues, we have massively exceeded our business-case targets.” M-Shwari secured 3 million users in its first five months of operation, which began in November 2012. About 80% of Kenya’s [...]
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