Temenos, the banking software company, and Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, announced that Temenos Transact, its next generation core banking product is now certified on Alibaba Cloud. Financial institutions will be able to run Temenos’ mission-critical core banking applications on Alibaba Cloud and benefit from elastic scalability, cost and operational efficiencies. Banks can now easily adopt Temenos’ world-leading banking software on the powerful Alibaba Cloud infrastructure.
Read More: Options Announces Expansion into Gemini Cryptocurrency Exchange
More than 3,000 financial services institutions around the world leverage Temenos’ modern, cloud-native and API-first technology. Banks can now run Temenos’ core banking software in Alibaba Cloud and take advantage of the speed to market and agility of the cloud, enabling them to quickly reinvent their business models and their organization as a whole.
The growing demand for cloud-based and SaaS models is being accelerated by the coronavirus pandemic as banks require more resilient and agile technology propositions. Cloud has become the established method of software deployment for smaller banks and neobanks that need to launch quickly with minimal IT infrastructure cost. However, incumbent banks increasingly require cloud-native software to future-proof their business, gain greater speed to market as well as reduce IT complexity and costs.
Read More: GlobalFintechSeries Interview with Gerard Griffin, CEO at AnyDay
Temenos’ core banking software will now be available on Alibaba Cloud, and the two companies will jointly help banks go to market faster, open up new business models, and achieve industry leading cost/income ratios. The two companies are already engaged in proof of concepts with banks and have joint customers in APAC.
Read More: SafeButler and Liberty Mutual Partner to Offer Instant Renters Insurance
