Temenos, the global leader in composable banking solutions, today announced the launch of groundbreaking Temenos Enterprise Services.
The main motivation for launching these new services is to enable banks to deploy software solutions in as little as 24 hours. This significantly reduces the usual costs and complexities associated with modernizing banking systems.
Equipped with over 120 pre-packaged banking products, pre-defined customer journeys and over 700 pre-configured APIs, Temenos Enterprise Services provides banks with an efficient and practical system. The system is not only good at launching new lines of business quickly, but is also capable of progressively modernizing legacy systems.
Temenos is known for its open platform that facilitates portfolio banking, serving more than 1.2 billion people around the world. The company powers 3,000 banks, from large institutions to community banks, in more than 150 countries. Temenos’ platform plays a key role in helping clients achieve superior financial returns and efficient operating ratios compared to industry averages.
The new product Temenos Enterprise Services is a set of cloud-native, elastically scalable services. These services are delivered as Software as a Service (SaaS), ensuring banks benefit from continuous updates, advanced security controls, resiliency and high-performance SLAs. The move to SaaS enables banks to transition from on-premises installations to more efficient, agile banking systems.
Additional features of Temenos Enterprise Services include instant access to the Temenos Exchange ecosystem, which has more than 115 complementary solutions. An extensive API library simplifies integration with other systems, while the Temenos extensibility framework allows banks to safely and efficiently extend their functionality. Environmental benefits are also noteworthy, as banks using Temenos Banking Cloud are expected to reduce their carbon footprint by 95% compared to on-premises alternatives.
Prema Varadhan, President of Product and Operations at Temenos, emphasized the importance of the launch: “Speed, security and business agility are key for banks to compete and grow in the digital world. With end-to-end Temenos Enterprise Services on the Temenos Banking Cloud , banks of all sizes can have ready-made systems pre-configured with banking products within 24 hours, enable new functionality and benefit from faster time to value.
“This is a game-changing approach that can significantly reduce the cost of running core banking software by as much as 10% compared to the cost of running traditional on-premises software. Deploy quickly and leverage feature-rich systems from day one and benefit from the ability to continuously update, helping banks address the largest cost element of running core banking software. This is the culmination of years of investment to deliver engineered solutions to the biggest problems banks face today.”
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