Temenos introduces Temenos Positions to transform banking operations
New lean solution serves as a single source of truth for all real-time balances and funds authorizations data across the enterprise, regardless of underlying technology
DUBLIN, Ireland, May 14, 2024 (GLOBE NEWSWIRE) — Temenos Community Forum — Temenos (SIX: TEMN) today introduced Temenos Positions, a financial processing solution designed to transform banking operations for institutions with complex, multi-core systems across multiple lines of business in both Retail and Corporate banking.
Temenos Positions serves as a real-time source for maintaining and sharing balances, instruments, and financial movements across an entire bank’s system landscape, regardless of underlying technology stack. This allows banks to reduce operational risk, increase financial efficiency, and develop and quickly take to market complex financial products and services, thus increasing profitability and customer experience.
Many banks today run on legacy technology stacks with multiple core systems operating in silos and face massive challenges in core transformation because of the complexity of replacing the entire IT landscape. This results in a lack of a 360-degree view of real-time financial positions, high costs of integration and reconciliation and manual processing. With Temenos Financial Positions, banks can address their immediate operational efficiency needs and can also embark on a progressive modernization journey without having to transform their entire core banking platform.
Composed of Temenos banking capabilities, Temenos Positions leverages decades of investment in the Temenos core banking platform. This investment ensures that it can meet the complex use cases for back value processing and multiple balance types. The solution is designed for serverless deployment – a new leaner and faster way for Temenos to build and release solutions. This new deployment technology builds and deploys capabilities as discrete libraries offering up to 30% faster deployment and supporting cloud-native deployments on a single database. Additionally, the solution is extensible to other related areas such as party and pricing, further enhancing its versatility.
Jost Hoppermann, Hoppermann Advisory, said: “Most banks are burdened by a legacy debt of multiple core systems from different generations, and many need to manage the co-existence of legacy and modern cores. With Temenos Positions, Temenos is offering a lean solution that will help isolate different architectural elements, move off older back-end capabilities, and add new front-end capabilities in a smoother way. A real-time data source of truth is essential for evolutionary transformation in banking. This will also help banks to deliver an improved customer experience, with real-time updates on account balances, enhancing transparency and trust.”
Tony Coleman, Chief Technology and Innovation Officer, Temenos, commented: “The inconvenient truth for many banks is that they have no real-time positions or funds authorization across the enterprise. Temenos Positions solves this problem by providing a real-time source for all balances and funds authorization. Engineered to handle a vast number of instruments and high-volume processing, Temenos Positions can process high volumes of instruments efficiently and at scale. It does this without Close of Business processing, just a simple date flip, making it ideal for banks with large transaction volumes.”
About Temenos
Temenos (SIX: TEMN) is the world’s leading platform for composable banking, serving clients in 150 countries by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity 2X the industry average. Their IT spend on growth and innovation is also 2X the industry average.
For more information, please visit www.temenos.com.
CONTACT: Media Contacts Jessica Wolfe & Scott Rowe Temenos Global Public Relations Tel: +1 610 232 2793 & +44 20 7423 3857 Email: press@temenos.com Alistair Kellie Newgate Communications on behalf of Temenos Tel: +44 20 7680 6550 Email: allnewgatetemenos@newgatecomms.com
