Temenos Review

Overview

Temenos AG, based in Geneva, is a leading provider of banking software that helps banks and other financial enterprises to improve their businesses and stay ahead of competitors. More than 3,000 companies across the world, including 41 of the 50 leading banks, use this platform to process both the client interactions and daily transactions of over 50 million customers. Temenos presents cloud-agnostic, cloud native core banking and front office, wealth management, fund management, and payments software solutions that empower banks to facilitate consistently excellent customer journeys and achieve operational excellence.

Temenos’s goal is to offer reliable and efficient open banking software to financial institutions of all sizes. They have over 25 years of experience in this industry and their employees are banking software experts with vast domain knowledge and sharp focus.

Benefits

What is Temenos T24 Transact?

Over 700 financial institutions and banks use the T24 Transact core banking platform. This software is a real-time and cloud-native core banking application that empowers banks to scale swiftly utilizing cloud systems if required, though it also supports conventional infrastructures. Temenos T24 Transact facilitates the creation and fast introduction of new products. This application offers deep and broad functionality, and presents modules for the wealth management, corporate banking, and retail banking sectors.

Core Banking System Problems

About 80% of financial institutions use self-designed core banking platforms. These are pre-internet age systems built for 9 to 5 branch banking and upgraded over time to meet changing customer and technology needs. These old-fashioned solutions leave them with the following critical problems:

Complexity and Risk

A regular universal bank operates over 180 badly-documented programs, limiting flexibility and also producing thousands of failure points.

Scalability

Old school banking systems aren’t able to keep up with significant rise in volumes due to banking digitization and new technologies like the Internet of Things.

Expectations Gap

Banking customers desire that financial institutions do the job of infomediaries, assisting them to make smarter commercial and financial decisions. To accomplish this, banks require integrated, real-time software platforms.

High Expenditure

A Celent industry report indicates that banks spend over 75% of their IT budget in maintaining old legacy banking platforms, which leaves them with little money for value-enhancing investments.

Product Features

Pricing

Temenos pricing information is not available on the product website. Contact the firm directly to get current pricing details.