ZainCash, a subsidiary of March Holding and a leading payment service provider in Iraq, has successfully implemented Temenos core banking and payments solutions to fuel its rapid growth and innovation in digital payment services.
By adopting Temenos’ flexible and composable banking platform, ZainCash has integrated its core banking and payment capabilities, facilitating seamless interaction with existing internal systems and the Central Bank of Iraq. This robust and agile platform is set to support the company’s ambitious goal of reaching 3 million users by the end of the year.
Yazen Altimimi, CEO of ZainCash, stated, “Temenos’ open and agile banking platform allows us to innovate and scale at speed, delivering a world-class payment experience that meets our customers’ growing needs and expectations. With Temenos, we can more easily expand our product range and provide more personalized services as we continue to lead the way in making payments safer, simpler, and more convenient for all Iraqis.”
Utilizing Temenos’ modern technology architecture with open APIs, ZainCash plans to quickly launch new services such as instant lending and provide customized products for specific groups like families and students. Additionally, the company will offer a seamless digital onboarding process to enhance user experience.
The increased capacity and flexibility of the Temenos platform will enable ZainCash to extend digital financial services to more communities, including Iraq’s large unbanked population, thereby promoting financial inclusion. The platform will also enhance ZainCash’s ability to support humanitarian efforts by the United Nations, allowing the delivery of larger volumes of funds to refugees with greater speed, stability, and customization.
With its core banking and payments running on Temenos’ single platform, ZainCash will benefit from sustained investment in R&D, faster updates, and lower-cost maintenance, resulting in a lower total cost of ownership.
Lee Allcorn, Managing Director for the Middle East & Africa at Temenos, remarked, “Congratulations to ZainCash on this successful go-live. We’re delighted to support this pioneering FinTech company in bringing innovative and convenient digital services to more Iraqis and continuing to widen financial inclusion in the country. We continue to invest in our single code base across core banking and payments, helping everyone from established banks to nimble FinTechs to increase efficiency and improve customer experience.”
