Temenos Expands its Cloud Leadership with The Temenos Banking Cloud

The Quintessential Technology Source for Corporate Financial Professionals

Temenos Expands its Cloud Leadership with The Temenos Banking Cloud

CFO Tech Outlook | Monday, May 31, 2021

Temenos Banking Cloud gives banks the ability to self-provision always-on banking services and scales fast and securely while lowering operational costs by 10 percent compared to older systems.

FREMONT, CA: Temenos, a banking software business, is expanding its cloud leadership by delivering The Temenos Banking Cloud, the next-generation in SaaS. This combines the industry's most comprehensive banking services, covering all segments and regions, with a Sandbox for rapid innovation and the Temenos MarketPlace for fintech collaboration, all powered by a new AI-enabled engine to help banks develop their businesses and reduce time to market. Temenos Banking Cloud gives banks the ability to self-provision always-on banking services and scales fast and securely while lowering operational costs by 10 percent compared to older systems.

Max Chuard, Chief Executive Officer, Temenos, said: “Banks face huge challenges fierce competition, rising customer expectations, cost pressures. Research shows that for quite some time 70 percent of banks cannot cover their estimated cost of capital. Banks can no longer wait; they need a new approach to run their business and develop banking products.”

We are bringing the next-generation in SaaS, The Temenos Banking Cloud, based on over ten years of cloud leadership, 1 billion dollars in R&D investment, and the experience of over 700 SaaS customers ranging from big banks to over 70 challenger banks. The Temenos Banking Cloud is designed for both digital-first banks that want to begin in weeks and large or complicated institutions that want to acquire unique capabilities, introduce products quickly, and gradually move older customer bases.

The Temenos Banking Cloud enables banks to innovate more quickly, the transition from a CapEx to an OpEx model, and reduce the total cost of ownership. Varo Bank (https://bit.ly/3hSXMC4) estimates that utilizing Temenos SaaS; it can service customers at a quarter of the cost of a traditional bank. The Temenos Banking Cloud has provided banks with instant and huge scalability. In just three months, a European challenger bank opened almost 600,000 accounts. At the same time, a global digital disruptor processed over 20 million loan applications in only nine months. They are currently adding over 100K new loans each day, intending to reach 200K loans per day by the end of the year. Over 700 financial companies use Temenos SaaS such as Al Ain Finance (https://bit.ly/3wCVEmh), Alpian (https://bit.ly/3wDN5HX), Flowbank (https://bit.ly/3hXfpAL), Flowe (https://bit.ly/3vmtTy4), Itau (https://bit.ly/3yFCYEj), Orange Bank (https://bit.ly/3ui4pQZ) and they will now benefit from all the new rich features of The Temenos Banking Cloud.

“Our digital bank has been designed with a clear ambition to simplify banking and help customers achieve their financial goals. With Temenos SaaS, we can deliver a frictionless digital experience, bringing together credit cards, transactions, and savings accounts, plus a loyalty program in a single, native mobile app.  With The Temenos Banking Cloud, it is easier to integrate with third parties and we have an agile platform that easily scales up or down depending on business demands,” said Chris Sozou, General Manager Platforms, Partnerships & Analytics, Virgin Money Australia.

The Temenos Banking Cloud simplifies things for banks, allowing them to focus on their clients rather than their technology. Banks can turn on new financial services, scale fast, build new applications, connect to the largest fintech marketplace, and proactively control usage and service health with the click of a button. The Temenos Banking Cloud provides banks with the following benefits:

Banking Services make it easier to time the market: The industry's top front-to-back banking services, spanning all banking segments and with localized functionality from over 150 countries. Packaged Business Capabilities, which are matched to BIAN requirements, are used to produce Banking Services. They are easy to set and integrate with external apps because they are expandable, adaptable, and open. The Banking Services are available immediately, are pay-as-you-go, and regularly updated without major upgrades. These Banking Services are designed specifically for the banking industry, and they provide enterprise-grade controls for managing mission-critical systems.

Unlimited innovation in the Sandbox: The Temenos Sandbox helps banks innovate more quickly by experimenting with new Temenos features, training their developers, and developing new apps. To enable banks to configure new products, the Sandbox gives Temenos Banking Services, Temenos MarketPlace, sample data, and integration tools access. The Sandbox also provides high-quality, well-documented APIs, which are critical open architecture connectors. Banks have the option of moving to the cloud or on-premise production settings.

Collaborate with the most comprehensive fintech marketplace: Get immediate access to Temenos MarketPlace (https://bit.ly/3hUc3i6), which features the most innovative fintechs, including Plaid, Taurus (https://bit.ly/3fJb9lB), Tink (https://bit.ly/34elHUy), and Wise (https://bit.ly/3vlf2nn). Fintech solutions are pre-integrated and ready to use, allowing for a speedy time-to-value. By welcoming fintechs and developers to the Sandbox environment and collaborating, developers can use open APIs to extend their financial services.

“As Canada’s first digital-only challenger, we turned to Temenos SaaS to easily scale to meet customer demand, grow deposits much more quickly at a lower cost, and pass on the benefits to our customers. With The Temenos Banking Cloud, we can accelerate our business growth and benefit from unlimited innovation through the Sandbox and Temenos MarketPlace capabilities,” said Dan Dickinson, Chief Information Officer, EQ Bank.

Temenos Banking Cloud is powered by an Explainable AI engine with superior data analytics, allowing banks to test, report, and assess product performance while also gaining knowledge to aid business choices and product design. IT users and developers can utilize the self-service portal to create fully provisioned environments, get real-time use and billing reports, modify permissions, and manage security credentials. Temenos AI advisors provide advice to banks on how to control consumption and service health better.

Weekly Brief