TNT.L Regulatory News (TNT)

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

14 September 2022

TINTRA PLC

 ("Tintra", the "Group" or the "Company")

Contract with Temenos for Core Banking Software

The board of directors (the "Board") of Tintra, the rapidly innovating Deep Tech & Banking business, is pleased to announce that it has contracted with Temenos AG ("Temenos"), the Swiss-based class-leading provider of core banking software, whose existing customers include a large number of the world's most well-known banks. Temenos will provide its core banking software to Tintra, which will be integrated with Tintra's innovative artificial intelligence-based approach to customer and transaction identification.

Temenos is widely recognised by banking regulators globally for delivering compliant, innovative solutions at scale. The Temenos core banking software therefore will provide going forward a key element of the Tintra proposition as it continues to seek approval for the banking and payments licences that have been previously announced. 

The integration of the Temenos core banking software is a fundamental element in enabling the roll out of the Company's strategy, as set out in the recently published annual report. The contract with Temenos involves the delivery of software as a service ("SaaS") over a 5-year period, with variable elements. Year One costs are expected to be in the range of US$250,000 to US$500,000 with subsequent year costs increasing as operations start and as customer and transaction levels scale.

Richard Shearer, the Company's Chief Executive, said "Temenos is the world leader in providing banking core technology. As such Temenos is the perfect partner in many ways. As whilst we are innovating in areas where nobody else is or indeed can, we took the view that we wanted the banking core that was familiar to the regulators we're speaking to across the world and had been tried and trusted across a range of territories.

We want to radically innovate where we can but ensure that we are using best in class tech where we think that others offer benefit, and we strongly feel this transaction achieves that goal."

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