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Temenos rolls out Temenos Transact microservices architecture

Max Chuard, Chief Executive Officer at Temenos

Max Chuard, Chief Executive Officer at Temenos

Temenos has delivered a microservices-based architecture for its cloud-native Temenos Transact, supporting Tier 1 banks in transforming their core banking systems at scale.

The banking software company said the roll-out is an industry-first and a major milestone as large banks are burdened by their legacy infrastructures, and the cost and risk of replacing complex systems is high.

With microservices, which Temenos also added to its digital front-office banking product Infinity, larger banks can continuously transform their core systems, through independently deployable components that support renovation based on the bank’s business needs.

Combined, Temenos Transact and Temenos Infinity, financial institutions have an agile, services-based architecture for both core and customer journeys.

Temenos said that for the first time, “there is now an alternative for banks to safely update critical elements of their core banking systems one component at a time with proven cloud-native, cloud-agnostic software and see tangible benefits along the way”.

The new services build on the provider’s existing services, which includes payments, financial crime mitigation, enterprise data management and analytics. The new microservices are accounts and deposits, retail lending, enterprise product and enterprise pricing.

Max Chuard, Chief Executive Officer at Temenos, said: “To date, larger banks have been shying away from digital transformation projects. As the #1 banking software company, we are taking the lead in bringing about industry change. We are delivering the Temenos Transact microservices architecture, which will revolutionise banking.”

He noted that this microservices-based cloud architecture enables large banks to finally unlock their potential by transforming their core banking applications rapidly and at scale.

“Larger banks can renovate their core banking applications without compromising their end goal of a full digital transformation to a cloud-agnostic, cloud-native architecture, one component at a time. This is an alternative to the already successful build and migrate approach, where banks can build a new digital stack while continuously migrating products and customer bases from their legacy systems,” Chuard said.

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