Temenos and IBM Collaborate to Accelerate Hybrid Cloud Adoption in Financial Services Industry
Geneva, Switzerland–(COMMERCIAL THREAD) – Temenos (SIX: TEMN), the banking software company, today announced the availability of next-generation Temenos Transact core banking with Red Hat OpenShift on IBM Cloud, to accelerate hybrid cloud adoption in the financial services sector. Temenos Transact offers a clear modernization path for banks to adopt a cloud strategy for their core banking systems and take advantage of advanced technologies. Cloud-native banking platform uses artificial intelligence and machine learning to deliver corporate and retail banking, wealth management and treasury capabilities to financial services institutions in the retail industries , businesses, treasury, wealth and payments, while helping to reduce operating costs.
As banks balance the need to drive innovation by providing high value-added services with the industry’s stringent security and compliance requirements, hybrid cloud environments have become increasingly important. By integrating with IBM Cloud, Temenos will use advanced IBM security capabilities, including confidential computing technology and âKeep Your Own Keyâ encryption. Delivered via IBM Hyper Protect services1 and backed by the highest level of commercially available security certification, these capabilities ensure that financial institutions maintain control over their data.
Additionally, Temenos intends to join a growing ecosystem of partners supporting IBM Cloud for Financial Services and will integrate its offerings with the platform. IBM Cloud for Financial Services is designed to help financial services institutions meet stringent industry compliance, security, and resiliency requirements while supporting business transformation and innovation. The ecosystem aims to help financial institutions transact with technology providers who have met the platform’s stringent requirements.
Supporting a common vision to increase innovation in the financial services industry, IBM Global Business Services (GBS) has created a new Temenos services practice. This unit uses IBM technology and the implementation of Temenos to deliver long-term value to customers. GBS Temenos’ service practice provides banks with resources designed to increase profitability, reduce costs and provide the flexibility to support future business growth.
Philip Barnett, President of Strategic Growth and Member of the Executive Committee of Temenos, said: âWe are excited to extend our leadership in the cloud by bringing Temenos Transact to the IBM cloud and also joining the IBM Cloud for Financial Services ecosystem. This expanded collaboration will help banks accelerate their cloud migration and the benefits of a modern cloud. native banking platform. With Temenos’ AI and API-based technology, banks can innovate faster, open new business models, and achieve industry-leading cost-to-revenue ratios. Integration with IBM Cloud demonstrates that our cloud-independent 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. ”
Hillery Hunter, VP and CTO, IBM Cloud, added: âWe have worked successfully with Temenos for decades to help financial institutions around the world deploy next-generation banking technology, reduce costs and tap new pockets of profitability. By deploying Temenos Transact with Red Hat OpenShift and IBM Hyper Protect on IBM Cloud, and leveraging our GBS Temenos Services Practice, customers can leverage IBM’s leadership in cloud, security and professional services to deliver personalized and innovative offers while protecting data in the cloud. ”
Kelly Switt, Senior Director, ISP Ecosystem and Strategic Partnerships, Red Hat, said: âRed Hat is excited to work with Temenos to enable the next evolution of financial services based on open source technology. Red Hat OpenShift, the industry’s leading enterprise Kubernetes platform, provides a solid foundation for financial institutions to innovate and scale in a rapidly changing industry. By combining the power of Red Hat OpenShift with leading cloud-native banking solutions like Temenos Transact, financial institutions can capitalize on the open hybrid cloud opportunity to unlock new business and meet customer demands.
Temenos Transact is a cloud-native, core banking solution agnostic offering functionality across retail, enterprise, treasury, wealth and payments. Temenos serves more than 3,000 financial institutions around the world, including 41 of the 50 largest banks.
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Temenos AG (SIX: TEMN) is the world leader in banking software. More than 3,000 banks around the world, including 41 of the 50 largest banks, trust Temenos to handle both the daily transactions and customer interactions of more than 1.2 billion bank customers. Temenos offers cloud-native, AI-agnostic and AI-driven front office, core banking, payments and fund administration software, enabling banks to deliver frictionless omnichannel customer experiences and achieve l ‘operational effectiveness.
Temenos software is proven to enable its top performing clients to achieve cost-revenue ratios of 26.8%, half the industry average, and return on equity of 29%, or three times the average of the sector. These customers also invest 51% of their IT budget in growth and innovation versus maintenance, which is double the industry average, proving that banks’ IT investment adds tangible value to their business. business.
For more information, please visit www.temenos.com.
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1 Based on IBM Hyper Protect Crypto Service, the only service in the industry based on hardware that is FIPS 140-2 Level 4 certified. Security Level 4 FIPS 140-2 provides the highest level of security defined in this standard. At this level of security, physical security mechanisms provide a complete envelope of protection around the cryptographic module in order to detect and respond to all unauthorized attempts at physical access.