Temenos has launched Temenos Enterprise Services on Temenos Banking Cloud, a comprehensive solution set to transform the banking landscape. This innovation allows banks to deploy software solutions within a mere 24 hours, marking a significant reduction in modernization costs. Temenos Enterprise Services offers over 120 pre-packaged banking products, predefined customer journeys, and more than 700 pre-configured APIs, providing banks with a functional end-to-end system for swift business line launches and seamless legacy system modernization.

The services cater to banks of all sizes, allowing them to launch a Minimum Viable Product (MVP) within a day, providing a build and test environment. Temenos’ proven tooling, standardized methodologies, and experienced services teams enable banks to achieve an MVP within months of project initiation. Larger banks can quickly introduce new products or lines of business in retail, business, or corporate banking, subsequently migrating existing customer bases to the new platform at their pace, utilizing a build-and-migrate approach.

Delivered as Software-as-a-Service (SaaS), Temenos Enterprise Services offers continuous updates, state-of-the-art security controls, resilience, and high-performance Service Level Agreements. These cloud-native, elastically scalable services enable a seamless transition from on-premise installations to a trusted SaaS provider, ensuring a leaner, agile, and efficient banking system. Temenos Enterprise Services also offers immediate access to the Temenos Exchange ecosystem and extensive API library, simplifying integration with peripheral systems and ensuring regulatory compliance.

Prema Varadhan, President Product and Chief Operating Officer, Temenos, said: “Speed, security and business agility are key for banks to compete and thrive in the digital world. With our end-to-end Temenos Enterprise Services on Temenos Banking Cloud, banks of all sizes can have a ready-to-go system in 24 hours with pre-configured banking products, turn on new features and benefit from faster time to value. This is a game-changing approach, which can significantly reduce the cost of running core banking software to as little as 10% when compared to the costs of running legacy on premise software. The ability to deploy fast, take advantage of a functionally-rich system from day 1 and benefit from continuous updates, help banks to attack the largest cost elements of running core banking software. This is the result of a multi-year investment effort that brings engineering solutions to address the biggest problems that banks face today.”

Christine Barry, Head of Banking and Payments Insights, Datos Insights (formerly Aite-Novarica Group), said: “SaaS remains compelling for banks that want to move fast and focus their in-house resources on customer-centric innovation, instead of managing the tech. Until now, SaaS banking platforms have offered a stark choice, providing speed and flexibility while sacrificing functionality in favor of a “DIY” approach with increased development needs and longer time-to-market. Temenos’ Enterprise Services platform makes it possible for banks to have the speed and flexibility of SaaS, while also benefiting from pre-packaged banking products and customer journeys so they can modernize and get to market faster with new solutions. Front-to-back digitization remains a priority for most banks and end– to-end SaaS services with pre-packaged functionality and self-guiding documentation can help banks turn on the new features with ease and accelerate their modernization.”

Temenos plans to extend end-to-end services for all other market segments it operates in throughout 2024, underscoring its commitment to driving innovation and addressing the evolving needs of the banking industry.