Temenos Revolutionises its Banking Software, with the Launch of Two New Cloud-Native, Cloud-Agnostic Products – Temenos Infinity & Temenos T24 Transact to Accelerate Cloud Adoption
Temenos (SIX: TEMN) the banking software company, today marked a major milestone with the launch of two new products. Temenos Infinity – a breakthrough digital front office product and Temenos T24 Transact – the next generation in core banking. These new products combine the most complete banking functionality in the market, leveraging 25 years of functionality from 3,000 banks in over 150 countries with the most advanced cloud-native, cloud-agnostic, API first technology and design-led thinking.
Through APIs, both products can be implemented independently or integrated. Clients will be able to roll-out new applications in hours utilising advanced continuous deployment tools and methodologies.
The conversion from Temenos’ existing Digital Front Office and T24 Core Banking products are automatic and upgrades for existing clients to the new cloud-native, cloud-agnostic Temenos products are available from April 2019. All Temenos SaaS products run on the new Temenos platform.
Temenos Infinity is the major next step in the award winning Temenos Digital Front Office product, which has over 300 banking clients. Temenos Infinity is an independent, omni-channel digital banking product which helps banks transform multiple siloed banking channels and legacy applications into a fast, consistent, frictionless customer journey. Through design-led thinking, user journeys and multi-country onboarding capabilities, Temenos Infinity enables banks to orchestrate all their customers’ touchpoints and interactions.
With its open API-first design, Temenos Infinity enables banks to connect with a wider ecosystem of financial and non-financial providers as well as the developer community to innovate and bring products to market faster. Temenos Infinity also integrates the recently purchased Avoka platform, the leading product in digital customer acquisition and onboarding. Temenos Infinity can be easily implemented through APIs as an independent front office platform on a third-party core banking system or integrated with the market-leading Temenos T24 Transact product.
Temenos T24 Transact is the most complete core banking product leveraging the most advanced cloud-native banking technology. Temenos T24 Transact takes the deep and extensive banking capabilities of Temenos T24 Core Banking, the world’s #1 core banking product supporting over 700 banks across all banking segments and re-platforms them onto a new, cloud-native and cloud-agnostic platform. The isolation of the banking functionality from the technology platform has been a hallmark of Temenos products and has allowed Temenos for the past 25 years to remain the most technologically advanced and functionally rich product in the world.
Temenos Infinity and Temenos T24 Transact can be deployed on-premise, in a customer cloud or managed by Temenos Cloud. All products run on Microsoft Azure, AWS and the Google Cloud platform.
David Arnott, Chief Executive Officer , Temenos, said: “We have been at the forefront of innovation for the last 25 years, investing over 20% of our revenues in R&D and we were the first to launch a core banking system in the cloud in 2011. This marks another key milestone as we revolutionise our banking software to accelerate cloud adoption. We see the market opportunity for packaged software expand significantly as banks look for a faster time to value.
The launch of Temenos Infinity and Temenos T24 Transact gives clients the most complete set of digital front office and core banking capabilities. Using the latest cloud-native, cloud-agnostic technology, banks are able to rapidly and elastically scale benefiting from the highest levels of security and multi-cloud resilience, generating up to 10x in infrastructure savings. Advanced API-first technology coupled with leading design-led thinking and continuous deployment empower banks to rapidly innovate, connecting to ecosystems and enabling developers to build in the morning and consume in the afternoon. These substantial benefits apply equally to banks whether they are running their software on-premise, on private or public clouds.”
Both Temenos Infinity and Temenos T24 Transact leverage the common Temenos Platform architecture. Key features and benefits include:
Continuous deployment - With advanced and automated tools and methodology, the testing and deployment of change means banks can reduce their release cycles from months to hours enabling them to roll-out new applications at speed.
Open APIs - Banking applications of the future will integrate and form part of a wider ecosystem. The enhanced Temenos Developers portal has an extensive library of published APIs for clients, partners and any third party development teams empowering them to innovate at speed and accelerating time to value. In addition, clients can connect to the Temenos’ MarketPlace, an online digital store, which brings together over 150 financial software products from over 65 certified fintech partners that are fully pre-integrated into the Temenos software.
Cloud-native, Cloud-agnostic - Banks now have an infrastructure to support the flexible experiences demanded by today’s digital customers. Elastic scalability eliminates the need to over-provision costly infrastructure and enables banks to pay for their actual usage, yielding significant costs savings. Hyperscaling means banks can respond to any surge in demand by scaling their applications up and down automatically. Temenos’ cloud-agnostic approach enables the highest levels of long-term resilience and redundancy without creating a dependency to a single technology provider. This is a key Temenos strategy and an answer to regulatory concerns.
Distributed databases - Traditional relational databases are not always fit to gain the maximum benefits from the cloud. The Temenos products support distributed databases that are natively designed and optimised for the cloud. Through a strategic partnership and participation in NuoDB an enterprise-class distributed SQL database provider, banks will benefit from unlimited processing capacity, auto-elastic scalability and the highest levels of active/active resilience across data centers, geographies and cloud platforms.
Temenos Infinity and Temenos T24 Transact will be showcased at the Temenos Community Forum (TCF), 2-4 April 2019, The Hague, The Netherlands.
Temenos AG (SIX: TEMN), headquartered in Geneva, is the world’s leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 firms across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic front office and corebanking, payments, fund management and wealth management software products enabling banks to deliver both consistent, frictionless customer journeys and gain operational excellence. Temenos customers are proven to be more profitable than their peers: over a seven-year period, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications. For more information please visit www.temenos.com .
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