Temenos, the banking software company, announced the availability of Temenos Transact next-generation core banking with Red Hat OpenShift on IBM Cloud, to accelerate hybrid cloud adoption within the financial services industry. Temenos Transact provides a clear modernization path for banks to adopt a cloud strategy for their core banking systems and take advantage of advanced technologies. The cloud-native banking platform uses Explainable AI and machine learning to offer corporate and retail banking, wealth management, and treasury functionality to financial services institutions across the retail, corporate, treasury, wealth, and payments sectors while helping to lower operating costs.
As banks balance the need to drive innovation by delivering high-value services and the industry’s strict security and compliance requirements, hybrid cloud environments have become increasingly important. By onboarding to IBM Cloud, Temenos will use IBM’s industry-leading security capabilities, including confidential computing technology and ‘Keep Your Own Key’ encryption. Delivered via IBM Hyper Protect Services and backed by the highest level of security certification commercially available, these capabilities ensure that financial institutions retain control of their data.
Additionally, Temenos intends to join a growing ecosystem of partners supporting the IBM Cloud for Financial Services and will onboard its offerings to the platform. IBM Cloud for Financial Services is designed to help financial services institutions address the industry’s stringent compliance, security and resiliency requirements while supporting business transformation and innovation. The ecosystem aims to help financial institutions transact with technology vendors that have met the platform’s stringent requirements.
Supporting a mutual vision for increasing innovation in the financial services industry, IBM Global Business Services (GBS) created a new Temenos Services Practice. This unit uses IBM technology and Temenos implementation to deliver long-term value for customers. The GBS Temenos Services Practice offers banks resources designed to increase profitability, reduce costs, and offer the flexibility to support future business growth.