Cognizant announced a five-year strategic engagement with Temenos, a leading global banking technology provider, to develop and market the Temenos Country Model Bank in Australia. The Temenos Country Model Bank extends Temenos’ core banking platform, offering financial institutions pre-configured, regionalized functionality designed to accelerate go-live while lowering cost and operational risk.
Australian banks are facing rising regulatory complexity as well as inefficiencies of legacy systems that impede agility. By leveraging Temenos’ cloud-native offerings combined with Cognizant’s implementation and market knowledge, Temenos Country Model Bank Australia is offering pre-configured frameworks designed to accelerate modernization. These frameworks minimise operational friction while reducing costs. Cognizant will further extend the regionalized functionality of the Country Model Bank, tailoring the platform for the needs of Australian financial institutions.
“We are delighted to collaborate with Cognizant, strengthening our commitment to delivering agile and future-ready banking solutions in Australia,” said Will Dale, Managing Director – APAC, Temenos. “Together, we are driving digital transformation that enhances efficiency and scalability for financial institutions.”
Key points of the strategic Temenos and Cognizant partnership include:
Cloud-Native Banking Modernization: Cloud migration, developed to enhance security, scalability, and performance while reducing downtime and improving platform stability.
Comprehensive Temenos Software Delivery: Cognizant will provide end-to-end software implementation, such as consulting, integration, upgrade, maintenance, and support, with expertise across Temenos Core, Digital, Payments, Financial Crime Management, and Wealth Management solutions.
Market-Ready Core Banking Solutions: Pre-configured frameworks of the market-ready core banking solutions also assist banks in fulfilling Australian financial industry requirements effectively and streamlining modernisation to reduce operational burdens while enhancing financial accuracy.
Archana Ramanakumar, Global Head of Industry Solutions at Cognizant, emphasized the significance of the Temenos and Cognizant partnership. Highlighting over 15 years of global partnership with Temenos, she stated, “We are thrilled to expand our collaboration with Temenos to advance our shared commitment to this very strategic market. Together, Cognizant and Temenos will bring decades of global expertise, insights from leading core modernization programs, and industry-proven methodology to the Australian financial services sector, helping enable financial institutions to achieve their target digital operating model. This will be a true game-changer for Australian financial institutions that are on their digital transformation journey, delivering a pre-integrated, market-ready solution that aims to significantly reduce risk in core modernization initiatives.”
“The expansion of our strategic engagement with Temenos is set to accelerate banking innovation in Australia, integrating emerging technologies into core banking operations,” said Rob Marchiori, Australia Country Manager at Cognizant. “Not only will this relationship add value for existing Temenos clients through product innovation and engineering, it is also expected to create new opportunities aligning with our strategic priority of building our banking solutions and portfolio in Australia.”