Banking software company Temenos this week announced the availability of Temenos Transact next-generation core banking with Red Hat OpenShift on IBM Cloud, to accelerate hybrid cloud adoption within the financial services industry.
Temenos Transact helps banks adopt a cloud strategy for their core banking systems and take advantage of advanced technologies. The cloud-native banking platform uses Explainable AI and machine learning to offer corporate and retail banking, wealth management, and treasury functionality to financial services institutions across the retail, corporate, treasury, wealth, and payments sectors while helping to lower operating costs.
As banks balance the need to drive innovation by delivering high-value services and the industry’s strict security and compliance requirements, hybrid cloud environments have become increasingly important. By onboarding to IBM Cloud, Temenos will use IBM’s security capabilities, including confidential computing technology and Keep Your Own Key encryption. They will be delivered by IBM Hyper Protect Services.
Temenos will to join the IBM Cloud for Financial Services and will onboard its offerings to the platform. IBM Cloud for Financial Services is designed to help financial services institutions address the industry’s stringent compliance, security and resiliency requirements while supporting business transformation and innovation. The ecosystem aims to help financial institutions transact with technology vendors that have met the platform’s requirements.
IBM Global Business Services (GBS) created a new Temenos Services Practice. The GBS Temenos Services Practice offers banks resources designed to increase profitability, reduce costs, and offer the flexibility to support future business growth.
“We are delighted to extend our leadership in the cloud by bringing Temenos Transact to the IBM Cloud and also join the IBM Cloud for Financial Services ecosystem,” Philip Barnett, president of Strategic Growth and member of Executive Committee at Temenos said. “This expanded collaboration will help banks accelerate their move to the cloud and the benefits of a modern cloud-native banking platform. With Temenos’ AI-powered, API-first technology, banks can innovate faster, open up new business models, and achieve industry-leading cost/income ratios. Integration with IBM Cloud demonstrates that our cloud-agnostic banking platform enables banks to pursue a multi-cloud strategy and have the highest levels of active-active resilience with the cloud provider of their choice.”
“We’ve been teaming with Temenos successfully for decades to help financial institutions around the world deploy next-generation banking technology, reduce costs and exploit new pockets of profitability,” IBM Cloud VP and CTO Hillery Hunter added. “By deploying Temenos Transact with Red Hat OpenShift and IBM Hyper Protect on IBM Cloud, and leveraging our GBS Temenos Services Practice, customers can take advantage of IBM’s leadership in cloud, security and professional services to provide personalized, innovative offerings while protecting data in the cloud.”
Temenos Transact is a cloud-native, cloud-agnostic core banking solution providing functionality across the retail, corporate, treasury, wealth, and payments sectors. Temenos serves more than 3,000 financial institutions worldwide, including 41 of the top 50 banks.