Cognizant has entered into a five-year partnership with Temenos for the development and marketing of the Temenos Country Model Bank within Australia.

This initiative aims to expedite the implementation process for financial institutions by offering a core banking platform that is pre-configured and tailored to regional needs.

In Australia, financial institutions are grappling with heightened regulatory demands and outdated systems that hinder their operational flexibility, stated Cognizant.

Temenos Country Model Bank will harness the capabilities of Temenos’ cloud-native banking solutions and Cognizant’s expertise in implementation to facilitate a transition to modern banking practices.

Cognizant, designated as the preferred upgrade partner in Australia, intends to further refine the regional functionalities of the Country Model Bank to better serve the specific requirements of local financial entities.

Temenos APAC managing director Will Dale said: “We are delighted to collaborate with Cognizant, strengthening our commitment to delivering agile and future-ready banking solutions in Australia.”

Cloud-native banking modernisation involves migrating to the cloud to improve security, scalability, and performance for Australian banks.

This approach allows for near-seamless platform updates, minimising downtime and enhancing banking reliability, according to the company.

Additionally, Cognizant is set to provide comprehensive software delivery for Temenos, managing end-to-end implementations that include consulting, integration, upgrades, maintenance, and ongoing support.

The partnership also aims to deliver market-ready core banking solutions through a pre-configured framework that aligns with the requirements of the Australian financial sector.

Cognizant Australia country manager Rob Marchiori said: “The expansion of our strategic engagement with Temenos is set to accelerate banking innovation in Australia, integrating emerging technologies into core banking operations.

“Not only will this relationship add value for existing Temenos clients through product innovation and engineering, it is also expected to create new opportunities aligning with our strategic priority of building our banking solutions and portfolio in Australia.”