Online payments fintech firm PayPal has selected Temenos T24 Core Banking platform, the banking software provider said in a statement today.


The platform will run on Temenos Cloud and will support several of PayPal’s businesses across multiple geographies. It includes US, UK, Germany and Australia.

PayPal is an open digital payments platform that has 254 million active account holders. It allows them connect and transact online, on a mobile device, in an app, or in person. It is available in more than 200 markets across the world. The PayPal platform, including Braintree, Venmo and Xoom, enables consumers and merchants to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in their PayPal accounts in 25 currencies.

“This signing highlights Temenos’ momentum in the US market with both banks and disruptors,” Temenos said.

This is the fifth core banking deal announced by Temenos in a short span. Earlier this month, the software provider sold its core banking solution to Israel’s largest credit card company Isracard and Banque de I’Habitat in Tunisia. In September this year, Greece’s challenger bank Praxia Bank and Australia’s Judo Capital selected Temenos T24 core banking.

Today, Temenos also announced closing of the acquisition of Avoka, a US-headquartered SaaS vendor. The acquisition was originally announced on 12 December 2018.