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Temenos Expands Collaboration with Microsoft to Meet Growing Demand for the Temenos Banking Cloud
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Rhea-AI Summary
Temenos expands its partnership with Microsoft to enhance banking services via the Temenos Banking Cloud on Microsoft Azure. The collaboration aims to meet the rising demand for SaaS in the banking sector, enabling operational efficiency and innovation. The partnership also focuses on Green Cloud initiatives to reduce banks' carbon footprints and support ESG goals, with research indicating businesses can achieve up to 98% lower carbon emissions using Microsoft’s infrastructure. Temenos serves over 3,000 financial institutions globally, highlighting its strong industry presence.
Positive
Expanding partnership with Microsoft to enhance SaaS offerings.
Focus on Green Cloud initiatives supports ESG goals and reduces carbon footprint.
Temenos Banking Cloud aims for scalability and operational efficiency.
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None.
Temenos working with Microsoft on SaaS and Green Cloud initiatives in financial services built on Microsoft Azure
GENEVA--(BUSINESS WIRE)--
Temenos (SIX: TEMN), the banking software company, announces it is expanding its strategic relationship with Microsoft to meet the growing demand from banks for SaaS and banking services delivered by The Temenos’ Banking Cloud.
Temenos is collaborating with Microsoft to develop financial services offerings in the cloud to drive scalability, operational efficiency, and innovation. The Temenos Banking Cloud is hosted on Microsoft Azure.
Temenos is seeing tremendous growth in SaaS and its open banking platform, as banks increasingly turn to composable banking solutions – built on microservices and accessible via APIs – to modernize and address the challenges of their current IT landscapes.
Furthermore, Temenos will collaborate with Microsoft on Green Cloud initiatives to help banks see an immediate and significant reduction in their carbon footprint and support them in achieving their ESG goals. Research commissioned by Microsoft estimates businesses using their infrastructure are up to 93% more energy-efficient and can result in up to 98% lower carbon emissions than operating their own datacenter. These savings are attributable to four key features of the Microsoft Cloud: IT operational efficiency, IT equipment efficiency, datacenter infrastructure efficiency, and renewable electricity.
Max Chuard, CEO, Temenos, commented: “This agreement cements Temenos’ and Microsoft’s shared commitment to providing banks with an optimal path to cloud adoption. The cloud is essential for banks to reduce their time to market and operational complexity, as well as elastically scale and deliver outstanding digital customer experiences. It also gives business agility in the new world of open banking and banking as a service. We see an acceleration in our SaaS business, and this landmark agreement will assist our clients in embracing the cloud for mission-critical banking services and taking advantage of emerging new business models with more certainty, predictability and at a lower cost.”
Bill Borden, Corporate VP of Worldwide Financial Services, Microsoft, said: “We are thrilled to continue our collaboration with Temenos to build out its Temenos Banking Cloud on Microsoft Azure to address the industry’s rigorous security, regulatory and privacy demands. We also look forward to putting our combined strengths to work to expand the possibilities of the cloud for banks and financial institutions worldwide, helping them create differentiated customer experiences, accelerate time to value, and drive innovation for responsible growth.”
According to a recent Economist Intelligence Unit report, the take-up of SaaS and cloud infrastructure has accelerated since the start of the pandemic, as banks seize an opportunity to cut costs and ramp up their digital transformation projects.
Temenos powers the banking services for over 3,000 financial institutions serving the banking needs of more than 1.2 billion people worldwide. Temenos delivers its software across all major public cloud providers. With The Temenos Banking Cloud, banks can self-provision complete front-to-back banking services with localized functionality from over 150 countries. It gives banks the freedom to innovate faster, move from a CapEx to an OpEx model and benefit from a lower total cost of ownership.
About Temenos
Temenos AG (SIX: TEMN) is the world’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 daily transactions and client interactions of more than 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the 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 innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
Jessica Wolfe & Scott Rowe Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
Email: press@temenos.com
Alistair Kellie & Andrew Adie Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
Email: allnewgatetemenos@newgatecomms.com
Source: Temenos
FAQ
What is Temenos' partnership with Microsoft about?
Temenos is expanding its partnership with Microsoft to enhance banking services and meet the growing demand for SaaS in the financial sector.
How does the Temenos Banking Cloud benefit banks?
The Temenos Banking Cloud, hosted on Microsoft Azure, provides scalability, operational efficiency, and innovative banking solutions, enabling banks to modernize their IT landscapes.
What are the Green Cloud initiatives mentioned in the press release?
The Green Cloud initiatives aim to help banks significantly reduce their carbon footprint and achieve their Environmental, Social, and Governance (ESG) goals.
What is the significance of the research commissioned by Microsoft?
Research by Microsoft indicates that businesses using their infrastructure can be up to 93% more energy-efficient and achieve up to 98% lower carbon emissions compared to traditional datacenters.
How many financial institutions does Temenos serve?
Temenos serves over 3,000 financial institutions worldwide, processing daily transactions for more than 1.2 billion banking customers.
