Temenos has broadened their software-as-a-service capabilities on Amazon Web Services (AWS), allowing banks to provide core banking, digital banking, and payment functions through a single cloud-based platform. This change is a large part of Temenos’ plan to offer banking solutions that are more flexible and composable for financial institutions that are undergoing extensive digital transformation programs.
Thanks to this development, banks across the globe can get an even wider variety of Temenos applications as SaaS on AWS, including not just digital banking and payment services but also the core banking platform. The combined package aims to assist financial institutions in modernizing their operations while giving them the liberty of choosing how they want to adopt cloud technologies. Firms can either implement the modules separately, deploy a full enterprise solution, or integrate Temenos with their existing infrastructure.
This decision represents an increased move in the sector toward banking architectures that are cloud-native and modular so that financial institutions can react more quickly to continuously changing customer expectations and regulatory requirements. Banks, by moving technical management to SaaS environments, have more time for product innovation, customer engagement, and efficiency in operations.
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Barb Morgan, Chief Product & Technology Officer at Temenos, said: “We’re delighted to expand our Temenos SaaS offering on AWS, further strengthening our SaaS capabilities and giving banks greater flexibility in deploying Temenos solutions as SaaS in line with their technology strategy and market requirements.”
AWS leaders argued that this partnership allows banks the freedom to change their ways gradually without sacrificing the enterprise-level growth and security that are a hallmark of their operations. Scott Mullins, Managing Director for Worldwide Financial Services at AWS, highlighted that through this significant development, banks can introduce new functionalities either gradually or go through a total transformation.
Market experts also recognize this improvement as part of a broader inclination towards composable banking ecosystems. According to David Albertazzi, Executive Advisor & Director of Retail Banking & Payments Practice at Datos Insights, diversifying a cloud-based banking platform is a move that is driven by a desire for more flexibility while ensuring the very important aspects of compliance, security, and data sovereignty are met.
Temenos and AWS have worked together since 2019 and currently support financial institutions ranging from traditional banks to digital-first challengers across multiple global markets. Existing deployments include organizations such as MidWestOne Bank, Credem, WeLab Bank, and ila Bank.