• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

Technologies.org

Technology Trends: Follow the Money

  • Technology Events 2023-2024
  • Sponsored Post
    • Make a Contribution
  • Technology Markets
    • Venture Capital
  • About
  • Contact

Temenos Rolls out Temenos Transact Microservices Architecture, Enabling Large Banks to Strategically Transform Their Core Systems at Scale in a Safe and Progressive Manner

January 15, 2020 By admin Leave a Comment

Larger banks can now renovate their core banking applications component by component without compromising their end goal of a full system transformation to a cloud-agnostic, cloud-native architecture. Temenos Transact microservices architecture enables continuous change with tangible business benefits at every stage.
Temenos Transact microservices – such as accounts and deposits, and retail lending – can be integrated through APIs in any sequence with any legacy infrastructure, quickly and safely, helping banks to unlock the power of digital transformation.
Temenos offers banks a real choice of transformation strategies, from continuous renovation where larger banks replace components of their architecture one at a time to ‘build and renovate’ – where they can build a new digital stack while continuously migrating products and customer bases from their legacy systems.
Temenos Transact microservices can deliver enterprise-wide capabilities such as pricing on top of legacy infrastructures as a first step toward creating value for the bank. For a complete digital banking transformation, Transact works in conjunction with microservices-based Temenos Infinity.
Temenos Transact is built on cloud-native, cloud-agnostic technology that 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 (SIX: TEMN), the banking software company, announced that it has reached a major milestone in the delivery of its microservices-based architecture for cloud-native, cloud-agnostic Temenos Transact. This unlocks the potential for Tier 1 banks to strategically transform their core banking systems at scale.

Large banks are burdened by their legacy infrastructures. The cost and associated risk of replacing these complex systems, which have been customized over decades, is high. However, these outdated systems are making banks suffer high operational costs, high risk of outages, and a lack of agility that prevents them from bringing innovative, personalized products to market. The urgency to digitally transform has never been greater.

Temenos is now accelerating the roll-out of its microservices to help larger banks continuously transform their core banking applications. Unlike traditional monolithic core banking systems, Temenos Transact has independently deployable components that support continuous renovation based on the bank’s business needs. For the first time, there is now an alternative for banks to safely update critical elements of their core banking systems one component at a time with proven cloud-native, cloud-agnostic software and see tangible benefits along the way. These microservices can be deployed independently, enterprise wide and banks can retain existing systems where they are fit for purpose. Combined with microservices-based Temenos Infinity, banks have an agile, services based architecture for both core banking and digital customer journeys. This offers an alternative to the already successful build and migrate implementation approach, where banks can build a new digital stack while continuously migrating products and customer bases from their legacy systems.

Banks can pursue a long-term strategic roadmap while continuously renovating product lines, such as deposits and accounts, and core systems such as funds authorization and position keeping, based on their commercial and operational priorities. This strategy enables banks to flex the sequence of renovation as priorities change over time.

Temenos’ microservices strategy offers existing Temenos Transact clients the benefit of granular upgrades, allowing them to react to market opportunities faster while cutting the total cost of ownership of their existing core banking platform. Leveraging Temenos Continuous Deployment, which extends the Temenos DevOps operations into banks’ own environments, Temenos clients can accelerate the speed of software delivery and rapidly bring competitive innovations to market.

For smaller banks, the recommended approach is to select Temenos Transact as a SaaS offering to speed deployment and simplify IT operations.

Building on its extensive set of standalone services – such as Payments, Financial Crime Mitigation, Enterprise Data Management and Analytics – Temenos now offers new standalone banking microservices including:

Accounts and Deposits: this service manages all the activities in the life of current, checking and deposit accounts in real time. Feature-rich, it supports any currency and offers a great variety of interest calculation methods and configurable business rules and events. Fully automated, the service integrates seamlessly through APIs with distribution services and other core systems such as payments, pricing, accounting. Deployed as a microservice, it leverages the cloud’s elastic scalability to manage millions of accounts with the lowest TCO.
Retail Lending: this service manages a wide range of lending products, from simple unsecured consumer loans in any currency to complex facilities including multiple loans and associated collateral requirements. Designed for real-time processing and highly configurable, Retail Lending is rich and flexible enough to replace a number of legacy systems within the bank. Through APIs, it will integrate with the rest of the IT ecosystem, in the cloud or on premise.
Enterprise product: a standalone product catalogue that enables banks to design and take to market products on a single system, reducing cost and boosting profitability of products. The service enables financial institutions to centralize all product definitions in a common repository, giving them greater overview and control across multiple business lines often working in silos. It helps banks launch new products and commercial offers much faster.
Enterprise pricing: a central pricing engine that supports greater personalization of products services driven by AI, and improves time to market for all product types, including bundled products, relationship-based pricing and third-party products. Banks can get greater control over the fees they apply, often within disconnected applications. This increases profitability for the banks. With relationship pricing, they are able to define granular rules based on the client’s characteristics and the context of a transaction, and thus offer a personalized banking experience to each customer.
Temenos Transact microservices are functionally rich, enabling fast deployment without the need to build additional capabilities on top. Temenos has created reusable country Model Banks, which include regulatory compliance and best business practice solutions, for more than 150 countries. This helps banks go live faster and acts as a foundation for future innovation.

Max Chuard, Chief Executive Officer, Temenos, said: “To date, larger banks have been shying away from digital transformation projects. As the #1 banking software company, we are taking the lead in bringing about industry change. We are delivering the Temenos Transact microservices architecture, which will revolutionize banking. This microservices-based cloud architecture enables large banks to finally unlock their potential by transforming their core banking applications rapidly and at scale. Larger banks can renovate their core banking applications without compromising their end goal of a full digital transformation to a cloud-agnostic, cloud-native architecture, one component at a time. This is an alternative to the already successful build and migrate approach where, banks can build a new digital stack while continuously migrating products and customer bases from their legacy systems.

“We have a proven track record of helping banks to digitally transformation. Our high-performing clients using Temenos software have achieved industry-leading cost-income ratios of 25.2% and returns on equity of 25.0%, 2X better than the industry average. Only Temenos has the advanced technology and depth of banking expertise and to deliver this.”

Temenos Transact microservices leverage cloud-native, cloud-agnostic technology to improve efficiency by allowing banks to scale quickly and elastically while benefiting from multi-cloud resilience. Temenos gives banks freedom of choice to deploy software on premise, in any public cloud, or as a Temenos SaaS.

About Temenos
Temenos AG (SIX: TEMN), headquartered in Geneva, is the world’s leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic front office and core banking, payments, fund management and wealth management software products enabling banks to deliver consistent, frictionless customer journeys and gain operational excellence.

Temenos software is proven to enable its top-performing clients to achieve industry-leading cost-income ratios of 25.2% and returns on equity of 25.0%, 2X better than the industry average. These clients also invest over 53% of their IT budget on growth and innovation versus maintenance, which is 2.5X the industry average, proving the banks’ IT investment is adding tangible value to their business.

For more information, please visit www.temenos.com.

Filed Under: Tech Tagged With: Microservices Architecture, Temenos, microservices

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Market Analysis

Unfulfilled Dreams: The Aftermath of China’s Stalled Real Estate Developments
Huawei on the Brink: Biden Administration Considers Cutting Off the Tech Giant”
Key Fire Industry Trends for 2023
The Future of Food: Top Trends to Watch in 2023 and Beyond
How to discover the treasure trove of hidden marketing insights by watching customer behavior
Navigating Uncertainty: Prioritizing Hydrogen R&D Efforts for a Sustainable Future
Unleashing the Hidden Talent Pool: The Rise of STARs – Skilled Through Alternative Routes

Market Research Media

Turn Your Story into a Game: The Art of Gamifying Your Plot
The end of cheap money is redrawing the map of corporate earnings
The Future of Virtual Reality: How VR is Changing Industries
Market Research Media Survey: The State of Streaming Services
Media measurement services provide a holistic view of cross-media consumption
Gen Z ranks top in luxury sales
How to market recycled products

Secondary Sidebar

Tech Events

The crypto world is facing a crisis of confidence
ScyllaDB Summit 2023 taking place online on February 15-16, 2023
DLD 2023, an innovation festival, February 1-3, 2023, Tel Aviv, Israel
Cybersecurity Innovations Take Center Stage at Cybertech 2023 in Tel Aviv
Chiplet Summit, January 24-26 2023, the Doubletree by Hilton San Jose Hotel

Venture Capital

The Importance of Diversity and Inclusion in the Workplace
Sequoia Capital announces its $195 Mln dedicated seed fund
Sublime Systems Secures $40 Million Series A to Electrify and Scale Decarbonized Cement Production
actyv.ai Raises Pre-Series A Funding to Fuel Global Expansion, Product Enhancement
Ottopia announces $14.5M Series A Funding Round

Footer

Recent Posts

  • Netlify has acquired Gatsby
  • Potential for disruption: Conference is the most inefficient way to get information
  • Artificial Intelligence: The Future of Healthcare
  • The Rise of Virtual Power Plants: Innovating Energy Management
  • DLD 2023 is coming
  • Barcelona Cybersecurity Congress Has Been a Success
  • The Unstoppable Rise of RISC V Architecture
  • Revolutionizing Education: The Power of Automated Tutoring Lessons
  • Revolutionizing the Fashion Industry: Algae-based Yarns and Dyes Take on Fast Fashion
  • Cybertech 2023 kicks off in Tel Aviv

App Coding

Digital twins transform the efficiency of current business processes
Software can be classified into two categories
Jotform Store Builder launches as a no-code solution to build a store in minutes
Lumigo expands its serverless observability platform to support any modern cloud application
Scrub your code in real-time

API Coding

One AI to Take on Global Language AI Challenge with NLP-as-a-service Platform for Developers
Cybertech 2023 in Tel Aviv: Securing the Future with API Security
What is a REST API?
WSO2 Completes $93 Million Series E Growth Funding Round with the Investment from Info Edge
Profound Logic Builds IBM i Salesforce API Integration Example without Writing a Single Line of Code

Blockchaining

How safe are NFTs as digital assets
SuperTeam Games Raises $10 Million to Create Sports Games Enhanced by Blockchain Technology
Blockchain technology and carbon credits
Primitives Raises $4 Million to Redefine NFTs Through New Social Network
Blockchain topics to be covered at DLD 2023

Event Calendar

NAHB International Builders’ Show (IBS 2023) in Las Vegas from January 31 to February 2, 2023
India’s largest biennial automobile exhibition Auto Expo 2023 held on January 12-15, 2023 at Pragati Maidan, New Delhi
NRF 2023, Retail’s Big Show and Expo, January 15 to 17, 2023, Jacob K. Javits Center, New York
DOMOTEX Hannover 2023′ in Germany from 12-15 January
Electrify Expo Austin Set to Be Largest EV Demo Event of the 2022 Season, November 12-13, 2022, Austin, Texas

Copyright © 2022 Technologies.org

Media Partners: Market Analysis & Market Research and Exclusive Domains

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT