2024-01-12 03:44:01
The new Temenos Enterprise Services, with more than 120 pre-configured products and processes as well as 700 APIs, now allows banks to drastically reduce the costs, complexity and risks of modernization and significantly accelerate the return on investment
GENEVA, Jan. 12, 2024 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN) today launched end-to-end Temenos Enterprise Services on Temenos Banking Cloud to enable banks to deploy software solutions in as little as 24 hours and Significantly reduce costs associated with modernization. With these Enterprise Services comprising more than 120 pre-packaged banking products, pre-defined customer journeys and more than 700 pre-configured APIs, Temenos offers a functional end-to-end system for banks, allowing them to quickly launch new lines of business or gradually modernize their existing systems. Temenos Enterprise Services provide banks with faster time to market, enable growth and quickly generate value.
Through Temenos Enterprise Services, banks of all sizes can launch a Minimum Viable Product (“MVP”) and get off to a flying start with a build and test environment within 24 hours. The Temenos tool, which has now proven itself, its standardized methodologies and its experienced service teams are all assets that allow banks to achieve an MVP in the months following the launch of the project. Large banks can also launch a new product or line of business and quickly move into the retail banking, business banking or corporate banking market, then migrate the foundations of existing customers to the new banking platform at their own pace, using a “build and migrate” approach.
Delivered as a SaaS, Temenos Enterprise Services enables banks to benefit from continuous updates, state-of-the-art security controls, resiliency and high-performance service level agreements. These scalable and flexible services natively in the cloud offer banks the luxury of quickly moving from an on-premises installation to a trusted software-as-a-service provider, enabling them to benefit from a more streamlined, agile and efficient banking system. Temenos Enterprise Services is ready to be activated for “self-guided exploration” and is continually updated, so banks can activate new features regularly. Additionally, the services are designed to be able to support various regulatory requirements, providing banks with the ability to quickly address their business, risk and compliance needs.
Temenos Enterprise Services also gives banks immediate access to the Temenos Exchange ecosystem which encompasses more than 115 complementary solutions that can run in parallel. Additionally, the extensive API library helps simplify complex integration with downstream or upstream edge systems, as well as other channel software. With Temenos Extensibility Framework, banks can securely expand banking capabilities while taking advantage of high-performance, secure, reliable and scalable SaaS services. Banks that choose Temenos Banking Cloud also benefit from a 95% reduced carbon footprint compared to on-premises alternatives.
In 2024, Temenos will launch end-to-end services for all other market segments in which it operates.
Prema Varadhan, President Product and COO of Temenos, said: “Speed, security and business agility are essential for banks to compete and thrive in the digital marketplace. With our end-to-end Temenos enterprise services on Temenos Banking Cloud, banks of all sizes can have a system ready to go in 24 hours with pre-configured banking products, enable new features and benefit from faster time to value. This is a game-changing approach that can significantly reduce the operating costs of core banking software, by up to 10%, compared to the operating costs of traditional on-premises software. The ability to quickly deploy a feature-rich system from day one and benefit from ongoing updates helps banks tackle the biggest costs of operating core banking software. It is the result of a multi-year investment effort that delivers engineering solutions to solve the biggest problems banks face today. »
Christine Barry, head of banking and payments analytics at Datos Insights (formerly Aite-Novarica Group), said: “SaaS remains attractive for banks that want to move quickly and focus their internal resources on customer-centric innovation, rather than technology management. Until now, SaaS banking platforms offered a difficult choice, offering speed and flexibility but sacrificing functionality in favor of an approach where we do everything in-house with increased development needs and delivery times. longer time on the market. The Temenos Enterprise Services Platform enables banks to benefit from the speed and flexibility of SaaS, while taking advantage of pre-designed banking products and customer journeys so they can modernize and bring new solutions to market faster. End-to-end digitalization remains a priority for most banks and end-to-end SaaS services with pre-built features and self-guided documentation can help banks use new features with ease and accelerate their modernization. »
About Temenos
Temenos (SIX: TEMN) is the world’s largest open platform for composable banking, creating opportunities for more than 1.2 billion people around the world every day. We meet the needs of 3,000 banks, from the largest to challengers through community banks in more than 150 countries, helping them create new banking services and cutting-edge customer experiences. Temenos’ open platform helps our highest-performing customers achieve return on equity three times the industry average and cost-to-revenue ratios half the industry average.
To find out more, visit www.temenos.com.
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