Temenos, a global leader in composable banking solutions, has today announced the launch of its groundbreaking Temenos Enterprise Services.
The primary motivation behind the introduction of these new services is to enable banks to deploy software solutions within an incredibly short span of 24 hours. This significantly slashes the usual costs and complexities associated with modernising banking systems.
The Temenos Enterprise Services, equipped with over 120 pre-packaged banking products, predefined customer journeys, and more than 700 pre-configured APIs, offer an efficient, functional system for banks. This system is not only adept at launching new business lines rapidly but also modernises legacy systems progressively.
Temenos, renowned for its open platform that facilitates composable banking, serves over 1.2 billion people globally. The company supports 3000 banks, ranging from large institutions to community banks, across more than 150 countries. Temenos’s platform is pivotal in helping its clients achieve superior financial returns and efficient operating ratios, compared to the industry average.
The new product, Temenos Enterprise Services, is a suite of cloud-native, elastically scalable services. Delivered as a Software-as-a-Service (SaaS), these services ensure banks benefit from continuous updates, advanced security controls, resilience, and high-performance SLAs. This move to SaaS allows banks to transition from on-premise installations to a more efficient, agile banking system.
Additional features of Temenos Enterprise Services include immediate access to the Temenos Exchange ecosystem, boasting over 115 complementary solutions. The extensive API library simplifies integration with other systems, while the Temenos Extensibility Framework allows banks to extend their capabilities securely and efficiently. An environmental benefit is also noted, as banks using the Temenos Banking Cloud can expect up to a 95% lower carbon footprint compared to on-premise alternatives.
Prema Varadhan, President Product and Chief Operating Officer at Temenos, emphasised the significance of this launch: “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.”
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