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- Armenotech has partnered with Tempo France to introduce a new payment system.
- The new protocol will be resident on the Stellar Network, guaranteeing its versatility.
Cyprus-based fintech firm, Armenotech, and payment operator, Tempo France previously allied to develop an ecosystem that is supported by the Stellar blockchain.
Canada-based financial technology company Advanced Payment Solutions (APS) has joined the alliance so that together, they can achieve strategic goals which have recently been defined. One of such goals is the plan to bridge the gap between traditional finance and digital finance while increasing speed and transparency, and reducing cost.
The partnership between Tempo France and Armenotech came at the beginning of this year. With the alliance, Armenotech became Tempo France’s full-range IT infrastructure provider. On the other hand, the Cyprus-based fintech firm became privy to projects on remittance and payments. Notably, the two firms were concerned about joint participation in international remembrance projects amongst others.
They also considered launching a new product in the payment ecosystem. Ultimately, their focus was on providing their clients with efficient service that spans through transactions, Know-Your-Customers (KYC), Anti-Money Laundering (AML), fraud monitoring, Customer Relationship Management (CRM), as well as customer loyalty programs.
APS, Tempo, and Armenotech Focus on Ambitious Projects
With APS now in the picture, there are plans to upscale the previous offering. Already, APS has a track record of designing outstanding projects that connect traditional finance to digital finance. In the last twelve months, corporate customers have been able to successfully transfer their traditional currency to digital assets and vice versa through the work of APS, and now with the contribution of Armenotech.
“Modern financial technologies do not stand still. Clients increasingly demonstrate a demand for services that would enable them to operate both traditional and digital assets, combining various payment methods. We have successfully been using state-of-the-art Armenotech solutions to meet this demand,” Chief Executive Officer (CEO) of APS Serik Igbayev explained.
He added that;
APS is now able to offer unique products that allow clients to convert fiat money to digital assets and back again, covering aspects including fraud protection, security, KYC, and ALM. Implementation of the products has led to significant client portfolio growth and positive financial indicators.
Now, the alliance has Tempo France as a payment operator, Armenotech as a developer of Stellar-based IT products, and APS as a money services and brokerage provider. Daniel Gazaryan, the Chief Business Officer (CBO) of Armenotech believes that the alliance of the trio is the beginning of several accomplishments including the completion of more ambitious projects.
“We now have an ecosystem that can successfully deal with the whole spectrum of tasks in digital and traditional finance, ranging from payments and processing to regulatory aspects and business development. We see our system fully automated,” he expanded.
In the long term, the alliance is looking at getting involved in three Central Bank Digital Currency (CBDC) projects with two of them from Europe. Another is the introduction of a new Euro-nominated stablecoin by the trio. Generally, the Stellar blockchain is gradually expanding its tentacles. It has just bagged a partnership with top Web3 digital asset security, and risk management company AnChain.AI.
