Temenos Banking Software available on Alibaba Cloud to Power Banks’ Digital Transformation

September 17, 2020 - 09:18
Temenos Banking Software available on Alibaba Cloud to Power Banks’ Digital Transformation

  • Temenos partners with Alibaba Cloudto offer financial institutions scalability, performance, resilience andinnovation
  • Temenos cements its leadership in the cloud delivering itssoftware across all major public cloud providers

GENEVA, SWITZERLAND and HANGZHOU, CHINA - MediaOutReach - 17 September 2020 - Temenos (SIX: TEMN), the bankingsoftware company, and Alibaba Cloud, the digital technology and intelligencebackbone of Alibaba Group, today announced that Temenos Transact, its nextgeneration core banking product is now certified on Alibaba Cloud. Financialinstitutions will be able to run Temenos' mission-critical core bankingapplications on Alibaba Cloud and benefit from elastic scalability, cost andoperational efficiencies. Banks can now easily adopt Temenos' world-leadingbanking software on the powerful Alibaba Cloud infrastructure.

More than 3,000 financial services institutions around the worldleverage Temenos' modern, cloud-native and API-first technology. Banks can nowrun Temenos' core banking software in Alibaba Cloud and take advantage of thespeed to market and agility of the cloud, enabling them to quickly reinventtheir business models and their organization as a whole.

The growing demand for cloud-based and SaaS models is being acceleratedby the coronavirus pandemic as banks require more resilient and agiletechnology propositions. Cloud has become the established method of softwaredeployment for smaller banks and neobanks that need to launch quickly withminimal IT infrastructure cost. However, incumbent banks increasingly requirecloud-native software to future-proof their business, gain greater speed tomarket as well as reduce IT complexity and costs.

Temenos' core banking software will now be available on Alibaba Cloud,and the two companies will jointly help banks go to market faster, open up newbusiness models, and achieve industry leading cost/income ratios. The twocompanies are already engaged in proof of concepts with banks and have jointcustomers in APAC.

PhilipBarnett, Director, Strategic Growth, Temenos, said: "We are delighted to extend ourleadership in the cloud and be the first to certify with Alibaba Cloud, a techgiant and a source of innovation widely recognized for its leadership ine-commerce and mobile payments. Cloud is the enabler for change; andparticularly during this challenging climate - it gives financial institutionsthe agility and the resilience they need. Working with Alibaba Cloud we willhelp banks to elastically scale based on demand and remove operationalcomplexities. Together we can help new entrants launch faster with lower costsas well as large banks break down silos and collaborate internally andexternally, and provide outstanding customer experiences. Our certification on AlibabaCloud demonstrates that our cloud-agnostic banking platform enables banks topursue a multi-cloud strategy and have the highest levels of active-activeresilience with the cloud provider of their choice."

Lancelot Guo, President of Ecosystemand Sales Operations, Alibaba Cloud Intelligence: "We are delighted that Temenos hascertified on our cloud. Temenos is the market-leading, cloud-native bankingsoftware provider accelerating the digital transformation for thousands ofworldwide financial institutions. Combined with our comprehensive suite ofcloud services, and a proven track record of delivering value, we togetherboost the capabilities of financial institutions, allowing them to acceleratetheir growth and innovation on the cloud."

Temenos has been in the forefront ofsoftware innovation, consistently investing 20% of its revenues in R&D andis pioneering in cloud banking for the last 10 years. Temenos was the firstbanking software provider to offer a core banking product in the cloud and thefirst to offer cloud-to-cloud, active-active multi-cloud resilience toeliminate downtime and dependency on a single cloud provider. Temenos enablesbanks to significantly reduce their total cost of ownership through elasticcloud scalability, distributed database technology and multi-cloud resilience,all underpinned by the benefits of vendor and platform independence. Temenosaccelerates banks digital transformation helping them to become more agile andinnovate faster.

About Alibaba

Established in 2009, Alibaba Cloud(www.alibabacloud.com), the digital technology and intelligence backbone ofAlibaba Group, is among the world's top three IaaS providers, according toGartner, and the largest provider of public cloud services in China, accordingto IDC. Alibaba Cloud provides a comprehensive suite of cloud computingservices to businesses worldwide, including merchants doing business on AlibabaGroup marketplaces, start-ups, corporations and government organizations.Alibaba Cloud is the official Cloud Services Partner of the InternationalOlympic Committee.

About Temenos

Temenos AG (SIX: TEMN) is theworld's leader in banking software. Over 3,000 banks across the globe,including 41 of the top 50 banks, rely on Temenos to process both the dailytransactions and client interactions of more than 500 million bankingcustomers. Temenos offers cloud-native, cloud-agnostic and AI-driven frontoffice, core banking, payments and fund administration software enabling banksto deliver frictionless, omnichannel customer experiences and gain operationalexcellence.

Temenos software is proven toenable its top-performing clients to achieve cost-income ratios of 26.8% halfthe industry average and returns on equity of 29%, three times the industry average.These clients also invest 51% of their IT budget on growth and innovationversus maintenance, which is double the industry average, proving the banks' ITinvestment is adding tangible value to their business.

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