As part of the agreement, FIL will use Temenos' retail core banking technology to streamline its back office operations, expedite transaction processing, and introduce new financial products more quickly.

FIL, which was founded in 2012, provides both people and companies with a range of banking and payment services. These include an e-wallet software, iPaymix, which allows users to send and receive money via the Euro SEPA network using an account with a dedicated Maltese IBAN. It also allows contactless payments using a debit Mastercard.

It also supplies businesses with its Paymix Pro account, which allows them to "process EUR bulk payments towards multiple beneficiaries" and gives a "online portal with multiple user access," according to the company.

Earlier this year, the firm also released its Paymix SoftPOS software in Germany and Malta, allowing businesses to take card payments using their mobile devices.

Temenos said that FIL will be able to grow these services "sustainably" and quickly introduce new banking products thanks to its digital and core banking infrastructure.

Temenos was chosen by FIL because of its "established experience with banks, fintechs, and payment providers in Malta and throughout Europe," according to CEO Cenk Kahraman.

Temenos has signed many new agreements so far this year. As part of its "digital transformation journey," Meethaq, the Islamic banking division of Bank Muscat in Oman, revealed only last week that it had gone live with Temenos' core banking platform for both retail and corporate banking.