Temenos (SIX: TEMN) today launched end-to-end Temenos Enterprise Services on Temenos Banking Cloud to enable banks to deploy software solutions in just 24 hours and significantly reduce modernization costs.
With these Enterprise Services with over 120 pre-packaged banking products, predefined customer journeys, and over 700 pre-configured APIs, Temenos brings a functional end-to-end system to banks enabling them to rapidly launch new business lines or progressively modernize their legacy systems. Temenos Enterprise Services offer banks a faster time to market, enable growth and quickly deliver value.
With Temenos Enterprise Services, banks of all sizes can launch a Minimum Viable Product (MVP) and get a flying start by having a build and test environment within 24 hours. Temenos’ proven tooling, standardized methodologies and experienced services teams enable banks to achieve an MVP within months of the project launch. Large banks can also launch a new product or a new line of business and get to market quickly in retail, business or corporate banking and then migrate existing customer bases to the new banking platform at their own pace, using a build and migrate approach.
Delivered as SaaS, Temenos Enterprise Services allow banks to benefit from continuous updates, state-of-the-art security controls, resilience and high-performance Service Level Agreements. These cloud-native, elastically scalable services enable banks to move quickly from on premise installations to a trusted Software-as-a-Service provider taking advantage of a leaner, agile and more efficient banking system. Temenos Enterprise Services are ready to switch on for ‘self-guided exploration’ and are continuously updated so banks can turn on newer features regularly. Furthermore, the services can support various regulatory requirements enabling banks to meet their business, risk and compliance needs at speed.
Temenos Enterprise Services also give banks immediate access to the Temenos Exchange ecosystem with more than 115 complementary solutions that can be run alongside. In addition, the extensive API library allows for simplifying complex integration to peripheral downstream or upstream systems as well as other channel software. With Temenos Extensibility Framework banks can safely extend banking capabilities while still taking advantage of performant, secure trusted and scalable SaaS services. Banks choosing Temenos Banking Cloud also benefit from up to 95% lower carbon footprint compared to on premise alternatives.
During 2024 Temenos will launch end-to-end services for all other segments of the market that it is operating in.
Prema Varadhan, President Product and Chief Operating Officer, Temenos, said: “Speed, security and business agility are key for banks to compete and thrive in the digital world. With our end-to-end Temenos Enterprise Services on Temenos Banking Cloud, banks of all sizes can have a ready-to-go system in 24 hours with pre-configured banking products, turn on new features and benefit from faster time to value. This is a game-changing approach, which can significantly reduce the cost of running core banking software to as little as 10% when compared to the costs of running legacy on premise software. The ability to deploy fast, take advantage of a functionally-rich system from day 1 and benefit from continuous updates, help banks to attack the largest cost elements of running core banking software. This is the result of a multi-year investment effort that brings engineering solutions to address the biggest problems that banks face today.”
Christine Barry, Head of Banking and Payments Insights, Datos Insights (formerly Aite-Novarica Group), said: “SaaS remains compelling for banks that want to move fast and focus their in-house resources on customer-centric innovation, instead of managing the tech. Until now, SaaS banking platforms have offered a stark choice, providing speed and flexibility while sacrificing functionality in favor of a “DIY” approach with increased development needs and longer time-to-market. Temenos’ Enterprise Services platform makes it possible for banks to have the speed and flexibility of SaaS, while also benefiting from pre-packaged banking products and customer journeys so they can modernize and get to market faster with new solutions. Front-to-back digitization remains a priority for most banks and end- to-end SaaS services with pre-packaged functionality and self-guiding documentation can help banks turn on the new features with ease and accelerate their modernization.”