Temenos transforms banking with The Temenos Banking Cloud to accelerate SaaS and AI adoption with instant access to Sandbox

Temenos, the banking software company, is accelerating its leadership in the cloud by introducing the next-generation in SaaS

For the first time, banks can now self-provision the most complete banking services at the click of a button; With Temenos (www.Temenos.com), banks can innovate in minutes and launch new products in days to achieve the industry’s fastest time to market; With Temenos Banking Cloud, banks can gain business agility to create new revenue streams, massively scale and significantly reduce their cost of operations to 10% of legacy systems; The Temenos Banking Cloud brings the unmatched breadth of Temenos front-to-back Banking Services, an innovation Sandbox, and the most complete fintech Marketplace, powered by an Explainable AI-enabled engine all through an easy-to-access, self-service portal.

Temenos (SIX: TEMN), the banking software company, is accelerating its leadership in the cloud by introducing the next-generation in SaaS, The Temenos Banking Cloud. This combines the industry’s most complete banking services, covering all segments and all geographies, with a Sandbox for fast innovation and the Temenos MarketPlace for fintech collaboration, all powered by a new AI-enabled engine to drive banks’ business growth and accelerate time to market. With Temenos Banking Cloud, banks now have the power to self-provision always-on banking services and scale instantly and securely while dramatically reducing the cost of operations to 10% of legacy systems. 

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Max Chuard, Chief Executive Officer, Temenos, said: “Banks face huge challenges – fierce competition, rising customer expectations, cost pressures. Research shows that for quite some time 70% of banks cannot cover their estimated cost of capital. Banks can no longer wait; they need a new approach to run their business and develop banking products.

Building on over 10 years of cloud leadership, $1 billion in R&D investment and the experience of over 700 SaaS customers ranging from global banks to over 70 challengers, we are delivering the next-generation in SaaS, The Temenos Banking Cloud.

The Temenos Banking Cloud is for both digital-first banks that want to launch in weeks as well as large or complex banks that want to acquire distinct capabilities, launch products fast and progressively migrate customer bases that are serviced by legacy systems. We are putting banks in control of their business models and innovation cycles, giving them the agility and speed to build great customer products and profitable businesses. With The Temenos Banking Cloud, we empower banks to digitally transform and massively scale faster than ever.”

Chris Sozou, General Manager Platforms, Partnerships & Analytics, Virgin Money Australia, said: “Our digital bank has been designed with a clear ambition to simplify banking and help customers achieve their financial goals. With Temenos SaaS, we can deliver a frictionless digital experience, bringing together credit cards, transactions, and savings accounts, plus a loyalty program in a single, native mobile app.  With The Temenos Banking Cloud, it is easier to integrate with third parties and we have an agile platform that easily scales up or down depending on business demands.”

The Temenos Banking Cloud gives banks the freedom to innovate faster, move from a CapEx to an OpEx model and benefit from a lower total cost of ownership. Varo Bank (https://bit.ly/3hSXMC4), using Temenos SaaS, estimates that it services customers at 25% of the total costs incurred by a traditional bank. Banks using The Temenos Banking Cloud have benefited from instant and massive scalability. A European challenger bank opened over 600K accounts in 3 months. While a global digital disruptor saw a staggering number of over 20M loan applications processed within 9 months. They are already adding over 100K new loans per day which is expected to reach 200K loans per day. Over 700 financial institutions use Temenos SaaS such as Al Ain Finance (https://bit.ly/3wCVEmh), Alpian (https://bit.ly/3wDN5HX), Flowbank (https://bit.ly/3hXfpAL), Flowe (https://bit.ly/3vmtTy4), Itau (https://bit.ly/3yFCYEj), Orange Bank (https://bit.ly/3ui4pQZ) and they will now benefit from all the new rich features of The Temenos Banking Cloud.

Dan Dickinson, Chief Information Officer, EQ Bank, said: “As Canada’s first digital-only challenger, we turned to Temenos SaaS to easily scale to meet customer demand, grow deposits much more quickly at a lower cost, and pass on the benefits to our customers. With The Temenos Banking Cloud, we can accelerate our business growth and benefit from unlimited innovation through the Sandbox and Temenos MarketPlace capabilities.”

The Temenos Banking Cloud removes the complexity, enabling banks to concentrate on their customers rather than their technology. With the touch of a button, banks can turn on new banking services, scale instantly, build new applications, plug into the richest fintech marketplace, and proactively manage usage and service health. With The Temenos Banking Cloud, banks gain:

• Faster to time market with Banking Services: The industry’s leading front-to-back Banking Services with localized functionality from over 150 countries, covering all banking segments. The Banking Services are created using Packaged Business Capabilities [1], which are aligned to the BIAN standards. They are extensible, flexible and open, and can be easily configured and integrated with external applications.  The Banking Services can be consumed instantly, are pay-as-you go, and continuously updated safely without the need for big upgrades. These Banking Services are built for banking, they offer enterprise-grade controls to manage mission-critical systems.
• Unlimited innovation in the Sandbox: Temenos Sandbox enables banks to innovate faster by exploring new Temenos functionality, train their developers, and create new applications. The Sandbox includes access to Temenos Banking Services, Temenos MarketPlace, example data, and integration tools to enable banks to configure new products. The Sandbox also offers high-quality well-documented APIs, which are essential connectors of open architecture. Banks can choose to move to production environments in the cloud or on-premise.
• Collaborate with the most complete fintech marketplace: Instant access to Temenos MarketPlace (https://bit.ly/3hUc3i6), with the most innovative fintechs such as Plaid, Taurus (https://bit.ly/3fJb9lB), Tink (https://bit.ly/34elHUy), and Wise (https://bit.ly/3vlf2nn). The fintech solutions are pre-integrated so they can be rapidly consumed for a quick time-to-value. Developers can work with open APIs to extend their banking services by inviting fintechs and developers to the Sandbox environment and collaborate.

The Temenos Banking Cloud is powered by an Explainable AI engine with advanced data analytics, so banks can test, report and measure product performance, and gain insight to support business decisions and product design. Through the self-service portal, IT users and developers can spin up fully provisioned environments, benefit from real-time dashboards on usage and billing, configure permissions and manage security credentials. Temenos AI advisors offer recommendations to banks to proactively manage usage and service health.

The Temenos Banking Cloud offers multi-layered security, comprehensive compliance coverage, and the highest availability across the globe. Temenos’ cloud-native, cloud-agnostic technology architecture is micro-services-based and API-driven to optimize the use of the underlying cloud platform services.