Temenos Expands Relationship with AWS to Offer Core Banking as SaaS
Temenos, has announced that its core banking solutions are now available as Software-as-a-Service (SaaS) further to Temenos’ integration of its application on Amazon Web Services AWS). With this, Temenos offers more choice to its clients as the Temenos Banking Cloud becomes one of the industry’s most comprehensive SaaS solutions covering the broadest range of regional and governance requirements, data standards and certifications.
Running Temenos Banking Cloud composable banking services on AWS enables retail, commercial and private banks – incumbents and challengers – to gain greater agility, higher performance, scalability, and security.
This collaboration further increases the regional coverage and availability of the Temenos Banking Cloud across the globe with trusted and scalable banking services. Temenos makes full use of AWS to provide high-availability across various regions and accommodate data sovereignty requirements, without expensive (on-site) redundant infrastructure.
Temenos and AWS started working together in 2019 to integrate Temenos open platform onto AWS and have demonstrated success with banking sector customers since then ranging from tier one banks to digital banks. In 2022, Temenos made available its onboarding and origination digital banking solutions on AWS to help banks deliver innovative products faster. AWS and Temenos’ relationship also paved the way for ongoing innovation with partners such as Yugabyte and MongoDB, as presented in the 2022 Temenos high-water performance benchmark helping banks scale efficiently. Temenos Banking Cloud’s integration on AWS also helps banks reduce their carbon footprint and support them in achieving their environmental, social, and governance (ESG) goals (compared to on-premise deployments).
Prema Varadhan, President Product and Chief Operating Officer, Temenos, commented: “We see a tremendous growth in SaaS across all regions. We are pleased to extend our leadership in the cloud and strengthen our strategic collaboration with AWS, a leading cloud service provider. We have over 700 clients live on Temenos Banking Cloud across five continents, covering over 30 regulatory jurisdictions, and we take a new bank live on our SaaS platform on average every 10 days. With this collaboration, we offer more choice to our customers and cement our commitment to our multi-cloud strategy, bolstering Temenos Banking Cloud’s existing SaaS capabilities.”
Yves Dupuy, Leader Financial Services Industry Solutions, AWS, said: “Banks are moving to SaaS and cloud to modernize their infrastructure to become more agile and drive business growth. Leveraging the reliability, flexibility, and scalability of AWS, Temenos can deliver high performance and enhanced value through its composable, cloud banking services, supporting leading financial services institutions in their transformation journey to provide enhanced customer experience and become more sustainable businesses.”
Chung Wing Mok, Chief Technology Officer, WeLab Bank, said: “With Temenos core banking on AWS, we benefit from lower infrastructure and operating costs, while AWS delivers auto-elastic capabilities, making it very easy for WeLab Bank to scale for future business growth.”
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