Matera Launches Digital Twin for Handling Real-Time Transactions

Matera has launched cloud-native software designed to sit on top of a financial institution’s core banking platform, enabling real-time transaction authorizations and balance updates 24/7 for various financial accounts.

The new Digital Twin solution aims to allow banks and credit unions to accelerate their digital transformation while keeping operational costs low, the provider of instant payments, QR code and digital ledger technology said in a Tuesday (Sept. 5) press release.

In today’s digital age, financial institutions face the challenge of keeping up with real-time transactions and providing seamless digital experiences to their customers, according to the release. Traditional core banking solutions were not built to handle the volume and complexity of digital transactions and instant payments. However, replacing these legacy systems is not realistic due to the time, cost and risk involved.

Digital Twin offers a simple and low-risk path to the cloud for financial institutions with on-premise technology, the release said. By sitting on top of the existing core banking platform, Digital Twin streamlines digital experiences, supports growing transaction volumes and unifies experiences across various digital channels.

One of the key advantages of Matera’s Digital Twin is its ability to handle large transaction volumes and ensure continuous uptime, per the release. In a recent test conducted in collaboration with Avanade and Microsoft, Digital Twin processed over 12,000 transactions per second across 145 million test accounts.

Moreover, Digital Twin provides a secure and flexible platform for financial institutions, according to the press release. It can run on any cloud or database provider, offering built-in redundancy and eliminating the risk of relying on a single provider. This flexibility allows banks to choose the cloud infrastructure that best suits their needs and ensures the availability and reliability of their digital transactions.

Carlos Netto, co-founder and CEO of Matera, said in the release: “It is no longer acceptable for innovation to be hamstrung due to a legacy core. With Digital Twin, banks can move forward.”

Matera announced in December 2022 that it was establishing an office in San Francisco to bring its QR code payment solution to the United States. The firm’s experience in Brazil with Pix enables it to help customers with a variety of instant payments.

On Aug. 15, Matera acquired artificial intelligence (AI)-powered customer retention firm Cinnecta to let customers of the combined company add value to transactions on Pix by connecting retail banks with other clients offering merchant services.