With the specific goal of enabling banks to provide their SMEs clients new, digital FX hedging and cross-border, multi-currency payment services in a transparent, supervised, and cost-effective manner, BankHedge is a cloud-native infrastructure. Through an easy-to-use, 24/7 self-service interface, BankHedge's integration with the Temenos banking platform allows Temenos banking clients to fully automate their entire FX hedging process, including settlement automation. This results in seamless multi-currency management experiences that are embedded when and where SMEs need them.

For small and medium-sized enterprises globally, foreign exchange and foreign currency exposure remain an expensive, complex, and hazardous procedure that costs them billions in hidden fees and exchange rate volatility. As a result, one of the key drivers of employment creation and global economic growth experiences a sharp decline in revenue and profit pools.

Even though SMEs understand how important it is to have a foreign exchange strategy, the vast majority of them still do not use FX hedging services[1], which is indicative of a severely underserved market. Banks are now able to close this gap by enhancing and expanding their SME banking offering through the use of BankHedge, which also opens up new market segments and revenue streams at low costs associated with customer acquisition and maintenance.

Since 2017, ALT21 has focused on developing cutting-edge technological solutions, mostly for its subsidiary, which is a regulated organization under the Financial Conduct Authority of the United Kingdom. The company has concentrated on creating and maintaining complex FX and multi-currency hedging solutions that are suited for brokers and SMEs. With the aim of significantly boosting the widespread adoption of FX hedging solutions by small and medium-sized enterprises, the company established a specialized banking software division that offers state-of-the-art technology to banks to enhance their end-to-end FX operations and services.

Director of Innovation and Ecosystems at Temenos, Martin Bailey, stated: "Fintechs use Temenos Exchange as an accelerator to validate and grow new banking solutions."By integrating with Temenos and joining Temenos Exchange, ALT21 can match operational resilience and scalability with functional excellence by writing once and being easily accessible to banks operating on our platform worldwide.

Temenos Exchange builds on Temenos' open platform for composable banking to deliver innovations like BankHedge to market more quickly and at scale. The two businesses have a solid history of constructing digital infrastructure, which enables banks to lower development costs and create innovative financial services for SMEs more quickly. This deep-routed integration with Temenos will provide banks looking to quickly and affordably introduce cross-border payment and FX hedging solutions to the market with an almost plug-and-play, universal solution that offers functional, technological, and commercial advantages.

"At ALT21, we're on a mission to use technology to make financial services more accessible, transparent, and affordable for businesses worldwide," stated Pritesh Ruparel, CEO of ALT21. Our unwavering goal is to offer a highly automated service that reduces costs and complexity in a crucial area: shielding small businesses from expensive currency exchange rates and volatile cross-border transactions. Since the vast majority of small businesses are still exclusively focused on the banking industry, our partnership with Temenos is an extremely important step in our goal to become the preferred partner for hedging solutions for banks operating on the Temenos platform in over 150 countries.