Temenos Banking Cloud to Accelerate SaaS, AI Adoption

Temenos (SIX: TEMN), the banking software company, is accelerating its leadership in the cloud by introducing the next-generation in SaaS, The Temenos Banking Cloud. This covers all segments and all geographies, with a sandbox for fast innovation and the Temenos MarketPlace for fintech collaboration, all powered by a new AI-enabled engine to drive banks’ business growth and accelerate time to market. With Temenos Banking Cloud, banks now have the power to self-provision always-on banking services and scale instantly and securely while dramatically reducing the cost of operations to 10 per cent of legacy systems. 

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

“The Temenos Banking Cloud is for both digital-first banks that want to launch in weeks as well as large or complex banks that want to acquire distinct capabilities, launch products fast and progressively migrate customer bases that are serviced by legacy systems. We are putting banks in control of their business models and innovation cycles, giving them the agility and speed to build great customer products and profitable businesses. With The Temenos Banking Cloud, we empower banks to digitally transform and massively scale faster than ever.” 

“Our digital bank has been designed with a clear ambition to simplify banking and help customers achieve their financial goals,”: Virgin Money Australia general manager Chris Sozou said. “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.”

Varo Bank, using Temenos SaaS, estimates it services customers at 25 per cent of the total costs incurred by a traditional bank. A European challenger bank opened more than 600,000 accounts in three months and a global digital disruptor saw more than 20 million loan applications processed within nine months. 

More than 700 financial institutions use Temenos SaaS such as Al Ain Finance, Alpian, Flowbank, Flowe, Itau, Orange Bank

With the touch of a button, banks can turn on new banking services, scale instantly, build new applications, plug into a fintech marketplace, and proactively manage usage and service health. With The Temenos Banking Cloud, banks gain:

  • Faster to time market with banking services: Front-to-back Banking Services with localized functionality from more than 150 countries, covering all banking segments. The Banking Services are created using Packaged Business Capabilities,which are aligned to the BIAN standards. They are extensible, flexible and open, and can be configured and integrated with external applications.  The Banking Services can be consumed instantly, are pay-as-you go, and continuously updated safely without the need for big upgrades.
  • Unlimited innovation in the sandbox: Temenos Sandbox enables banks to innovate faster by exploring new Temenos functionality, train their developers, and create new applications. The sandbox includes access to Temenos Banking Services, Temenos MarketPlace, example data, and integration tools to enable banks to configure new products. The sandbox also offers well-documented APIs, which are essential connectors of open architecture. Banks can choose to move to production environments in the cloud or on-premise.
  • Collaborate with the most complete fintech marketplace: Instant access to Temenos MarketPlace, with the most innovative fintechs such as Plaid, Taurus, Tink, and Wise. The fintech solutions are pre-integrated so they can be rapidly consumed for a quick time-to-value. Developers can work with open APIs to extend their banking services by inviting fintechs and developers to the Sandbox environment and collaborate.

The Temenos Banking Cloud is powered by an Explainable AI engine with advanced data analytics, so banks can test, report and measure product performance, and gain insight to support business decisions and product design. Through the self-service portal, IT users and developers can spin up fully provisioned environments, benefit from real-time dashboards on usage and billing, configure permissions and manage security credentials. Temenos AI advisors offer recommendations to banks to proactively manage usage and service health.

The Temenos Banking Cloud offers multi-layered security, comprehensive compliance coverage, and the highest availability across the globe. Temenos’ cloud-native, cloud-agnostic technology architecture is micro-services-based and API-driven to optimize the use of the underlying cloud platform services.