Credorax, a payments company, has selected Temenos T24 Transact, deployed on the cloud, to provide SME, merchant acquiring and cross-border payment services.

The firm has created an API-centric technology ecosystem with the Temenos open banking platform running on Microsoft Azure.

T24 Transact is part of Temenos’ new batch of products announced earlier this month.

Now, Credorax is a fully-fledged European commercial licensed bank via the Malta Financial Services Authority, and offers a suite of services, including fraud detection and local processing.

Steen Jensen, managing director – Europe, Temenos says: “With T24 Transact, Credorax can capitalise on real-time flexible technology today, as well as have a foundation for future growth.”

“We want to provide the scalability necessary to dominate the financial services industry and couple that with versatile and innovative cloud services,” adds Moshe Selfin, COO of Credorax.

Credorax’s move into cloud-based banking was motivated by the introduction of PSD2, according to the firm.