Bringing Cloud-Native to Your Bank | Red Hat and Temenos | Temenos Community Forum 2024

At Temenos Community Forum 2024, we spoke to Monica Sasso from Red Hat and Tony Coleman from Temenos to find out what impact hybrid cloud and cloud-native technologies are having on the banking sector.

We get some thoughts on the role open-source solutions can play and some of the challenges facing banks wanting to streamline. Fresh off an insightful keynote, CTO Coleman extols the benefits of cloud-native architecture and explains what their collaboration with Red Hat brings to the table.

To begin with, Sasso, representing US software company Red Hat, discussed the company’s role in the financial sector, emphasizing their provision of open-source software solutions that cater to a range of financial institutions, from neobanks to major industry players like Deutsche Bank and Barclays. Red Hat’s technology supports banks by facilitating improvements from the data center to the network edge.

Hybrid Cloud and Cloud-Native Strategies

She went on to explain that hybrid cloud is a business strategy that integrates on-premise IT infrastructure with public cloud services. Unlike multi-cloud, hybrid cloud allows for the sharing of applications and data across different environments, enhancing scalability and flexibility for firms. The “open” aspect of Red Hat’s hybrid cloud ensures interoperability and portability, leveraging open-source standards and software.

We were also speaking to Tony Coleman, a Temenosian himself, who delved into the concept of cloud-native technology, giving us a bit of an explanation for what it means. Temenos collaborates with hyper-scalers like AWS to ensure their systems use the latest managed services and innovations, thereby helping keep their clients’ technology current and efficient.

Both speakers highlighted how cloud technology enhances business agility for banks, leading to faster delivery of products and better customer experiences. For more reasons why cloud really is the way forward for most organizations, be sure to watch the video above.

Modernization and Operational Resilience

Sasso concluded by talking further on the benefits of modernisation for banks. It might seem obvious but it’s not always easy and financial organisations seek Red Hat’s assistance in creating unified platforms that operate seamlessly across various environments, crucial for meeting operational resilience standards like the European DORA regulations.

Together, the two companies have developed a demo to showcase the resilience of Temenos digital and Open Source solutions, focusing on maintaining continuous operations and ensuring business services remain available around the clock. This collaboration aims to help banks manage their disaster recovery and failover requirements, crucial for maintaining consumer trust and economic stability.

Watch more of our Temenos Community Forum interviews from 2024, right here on our website.