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Convera sets its target on doubling international B2B payments

Monday, 13 November 2023

After completing the acquisition of its European business, Convera embarks on a significant technology overhaul. 

Convera CEO, Patrick Gauthier, was recently interviewed for American Banker about the company’s plans to double the volume of international business payments it processes.

As B2B cross-border payments evolve towards real-time processing, Convera has partnered with bank technology firm Temenos to modernize its capabilities by replacing a legacy processing system with a cloud-hosted platform.

Temenos is a trusted Software as a Service provider for over 700 banks, powering massive scalability and delivering the broadest set of banking capabilities to accelerate growth.

“On any given day, we may process up to a billion dollars in payments,” said Gauthier. “The CEOs of our partner firms need to know we can do that. The cloud is crucial to this strategy. It gives us more agility and scalability and it will make payment orchestration simpler.”

Temenos’ platform will integrate with Convera’s existing infrastructure to automatically route payments over Convera’s network and standardize commercial payments, which are more complex than consumer remittances.

Gauthier explained, “Remittance is a straightforward workflow from person to person. But when we service a university, or an importer of goods, there’s a set of use cases and it’s important to be well-integrated into the financial infrastructure that these firms use.”

The Temenos platform also includes support for the international messaging standard ISO 20022, which is designed to accommodate faster payment processing.

Read the full article at American Banker.

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