Temenos Introduces Innovative Banking SaaS Solution for Enhanced Business Agility

Temenos, a globally recognized leader in composable banking solutions, has made a groundbreaking announcement with the launch of its Temenos Enterprise Services, as highlighted in Fintech Global News. These new services are designed to revolutionize the banking industry by enabling banks to deploy software solutions within an astonishingly short 24-hour timeframe, thereby drastically reducing the costs and complexities associated with modernizing banking systems.

Temenos Enterprise Services comes equipped with a comprehensive package of features, including over 120 pre-packaged banking products, predefined customer journeys, and more than 700 pre-configured APIs. This integrated system not only facilitates the rapid launch of new business lines but also modernizes legacy banking systems progressively.

The company, known for its open platform that promotes composable banking, serves a staggering 1.2 billion individuals worldwide. It supports a diverse range of 3000 banks, from major institutions to community banks, spread across more than 150 countries. Temenos’s platform has proven pivotal in helping clients achieve exceptional financial returns and efficient operating ratios, surpassing industry averages.

Temenos Enterprise Services represents a suite of cloud-native, elastically scalable services delivered as Software-as-a-Service (SaaS). These services offer continuous updates, advanced security controls, resilience, and high-performance Service Level Agreements (SLAs), allowing banks to transition from on-premise installations to a more efficient, agile banking system.

In addition to its core offerings, Temenos Enterprise Services provides immediate access to the Temenos Exchange ecosystem, boasting over 115 complementary solutions. The extensive API library simplifies integration with other systems, while the Temenos Extensibility Framework empowers banks to securely and efficiently extend their capabilities. Notably, banks opting for the Temenos Banking Cloud can reduce their carbon footprint by up to 95% compared to on-premise alternatives.

Prema Varadhan, President Product and Chief Operating Officer at Temenos, emphasized the significance of this launch: «Speed, security, and business agility are paramount for banks to remain competitive and thrive in the digital era. With our all-inclusive Temenos Enterprise Services on the Temenos Banking Cloud, banks of all sizes can have a fully operational system in just 24 hours, complete with pre-configured banking products, the ability to activate new features, and a faster time to value.»

Varadhan added, «This groundbreaking approach can substantially reduce the cost of running core banking software, potentially lowering it to as little as 10% compared to legacy on-premise software costs. The capacity to deploy quickly, leverage a functionally-rich system from day one, and enjoy continuous updates empowers banks to tackle the most significant cost elements associated with core banking software. This achievement is the result of a multi-year investment effort, delivering engineering solutions to address the most pressing challenges faced by banks today.»

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