Banking software company Temenos, announced its next generation core banking product Temenos Transact is now certified on Alibaba Cloud. The official launch of its partnership was held last September 17during its first-ever online media briefing. Present at the online launch are Lancelot Guo, Vice President of Alibaba Group and General Manager of Ecosystem and Sales Operations, Alibaba Cloud Intelligence; Martin Frick, Managing Director, Asia Pacific, Temenos and press media.
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.
“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” said Lancelot Guo, President of Ecosystem and Sales Operations, Alibaba Cloud Intelligence
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.
Temenos has been in the forefront of software innovation, consistently investing 20% 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.
