The Temenos Banking Cloud is live. The new product aims to develop the next generation in banking services and accelerate SaaS and AI adoption by banks and fintechs.

At the same time, it offers instant access to Sandbox, Banking Services, and Temenos Marketplace. All services will be accessed through a self-service portal. This is instantly available at the click of a button with a “pay as you go” model.

As a result, Temenos says that banks now have the power to self-provision always-on banking services. Moreover, they can scale instantly and securely and gain business agility to create new revenue streams. And at the same time, dramatically reduce the cost of operations to 10% of legacy systems.

Max Chuard, CEO, Temenos, says: “Banks’s face huge challenges – fierce competition, rising customer expectations, cost pressures. Research shows that for quite some time, 70% of banks cannot cover their estimated cost of capital. Banks can no longer wait. They need a new approach to run their business and develop banking products.”

Ross Mallace, Business Line Director, SaaS Temenos, discusses the launch of Temenos Banking Cloud with RBI editor Douglas Blakey

Temenos Banking Cloud: for digital-first banks and large incumbents

The Temenos Banking Cloud is for both digital-first banks that want to launch in weeks and large, established incumbents. For the latter, it means that they can launch products fast and progressively migrate customer bases serviced by legacy systems.

We are putting banks in control of their business models and innovation cycles. It gives them the agility and speed to build great customer products and profitable businesses. With Temenos Banking Cloud, we empower banks to digitally transform and massively scale faster than ever.”

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Chris Sozou, General Manager Platforms, Partnerships & Analytics, Virgin Money Australia, adds: “Our digital bank has been designed with a clear ambition to simplify banking and help customers achieve their financial goals. With Temenos SaaS, we can deliver a frictionless digital experience. It brings together credit cards, transactions, and savings accounts, plus a loyalty programme in a single, native mobile app. With Temenos Banking Cloud, it is easier to integrate with third parties. We have an agile platform that easily scales up or down depending on business demands.”