Temenos Transact now available on Alibaba Cloud; banking software to power digital transformation

By Edil Corneille

The Temenos Transact, a core banking product, is now certified on Alibaba Cloud, the digital technology and intelligence backbone of China’s Alibaba Group. 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 run Temenos’ core banking software in Alibaba Cloud and take advantage of the speed to market and agility of the cloud. This enables them to quickly reinvent their business models and their organization as a whole.

Philip Barnett, Director, Strategic Growth, Temenos enthused, “…Working with Alibaba Cloud we will help banks to elastically scale based on demand and remove operational complexities. Together we can help new entrants launch faster with lower costs as well as large banks break down silos and collaborate internally and externally, and provide outstanding customer experiences. Our certification on Alibaba Cloud demonstrates that our cloud-agnostic banking platform enables banks to pursue a multi-cloud strategy and have the highest levels of active-active resilience with the cloud provider of their choice.”

The growing demand for cloud-based and SaaS models is being accelerated by the coronavirus (COVID-19) 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. 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.

Lancelot Guo, President of Ecosystem and Sales Operations, Alibaba Cloud Intelligence enunciated, “…Temenos is the market-leading, cloud-native banking software provider accelerating the digital transformation for thousands of worldwide financial institutions. Combined with our comprehensive suite of cloud services, and a proven track record of delivering value, we together boost the capabilities of financial institutions, allowing them to accelerate their growth and innovation on the cloud.”

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 good cost/ income ratios. The two companies are already engaged in proof of concepts with banks and have joint customers in APAC.