Temenos, the banking software company, and Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, have announced that Temenos Transact, its next generation core banking product is now certified on Alibaba Cloud.
Financial institutions will be able to run Temenos’ mission-critical core banking applications on Alibaba Cloud and benefit from elastic scalability, cost and operational efficiencies.
Banks can now easily adopt Temenos’ world-leading banking software on the powerful Alibaba Cloud infrastructure.
More than 3,000 financial services institutions around the world leverage Temenos’ modern, cloud-native and API-first technology. Banks can now run Temenos’ core banking software in Alibaba Cloud and take advantage of the speed to market and agility of the cloud, enabling them to quickly reinvent their business models and their organization as a whole.
The growing demand for cloud-based and SaaS models is being accelerated by the coronavirus pandemic as banks require more resilient and agile technology propositions.
Cloud has become the established method of software deployment for smaller banks and neobanks that need to launch quickly with minimal IT infrastructure cost. However, incumbent banks increasingly require cloud-native software to future-proof their business, gain greater speed to market as well as reduce IT complexity and costs.
Temenos’ core banking software will now be available on Alibaba Cloud, and the two companies will jointly help banks go to market faster, open up new business models, and achieve industry leading cost/income ratios.
The two companies are already engaged in proof of concepts with banks and have joint customers in APAC.
Philip Barnett, Director, Strategic Growth, Temenos, said: “We are delighted to extend our leadership in the cloud and be the first to certify with Alibaba Cloud, a tech giant and a source of innovation widely recognized for its leadership in e-commerce and mobile payments. Cloud is the enabler for change; and particularly during this challenging climate – it gives financial institutions the agility and the resilience they need. Working with Alibaba Cloud we will help banks to elastically scale based on demand and remove operational complexities. Together we can help new entrants launch faster with lower costs as well as large banks break down silos and collaborate internally and externally, and provide outstanding customer experiences. Our certification on Alibaba 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.”
Lancelot Guo, President of Ecosystem and Sales Operations, Alibaba Cloud Intelligence: “We are delighted that Temenos has certified on our cloud. Temenos is the market-leading, cloud-native banking software provider accelerating the digital transformation for thousands of worldwide financial institutions. Combined with our comprehensive suite of cloud services, and a proven track record of delivering value, we together boost the capabilities of financial institutions, allowing them to accelerate their growth and innovation on the cloud.”
Temenos has been in the forefront of software innovation, consistently investing 20 per cent of its revenues in R&D and is pioneering in cloud banking for the last 10 years.
Temenos was the first banking software provider to offer a core banking product in the cloud and the first to offer cloud-to-cloud, active-active multi-cloud resilience to eliminate downtime and dependency on a single cloud provider.
Temenos enables banks to significantly reduce their total cost of ownership through elastic cloud scalability, distributed database technology and multi-cloud resilience, all underpinned by the benefits of vendor and platform independence. Temenos accelerates banks digital transformation helping them to become more agile and innovate faster.