Temenos: Eliminating Data Breaches and Risk through Cloud-based Platform

David Arnott, CEO, TemenosDavid Arnott, CEO
With the advent of technology, the banking sector is undergoing a significant change in terms of enhancing its business processes and expanding its global presence. The increasing costs of deploying and maintaining complex in-house legacy systems, is forcing many financial institutions to demand innovative, flexible, and cost-effective deployment models for their banking solutions. Headquartered in Birmingham, AL, Temenos (SIX: TEM), a financial service company, offers cloud banking solutions for a scalable, manageable technology model that reduces IT hardware, maintenance and development costs.

The company provides critical software to the banking industry. “Our goal is to deliver products for financial institutions to stay on the vanguard of technology and enable them to be competitive within the financial services marketplace as a whole,” remarks David Arnott, CEO, Temenos Group AG. The company provides banking software systems to retail, corporate, universal, private, microfinance and community banks, wealth managers, and financial institutions. Built on years of expertise, the company’s team of experts constantly analyzes and assesses the banking industry and develops cloud solutions.

Temenos’s cloud based solution T24 is designed to leverage cost efficiencies while gaining a competitive advantage, and enables banks to shift swiftly and gain significant competitive advantage over incumbent organizations. T24 runs on the Microsoft Azure platform and offers highly scalable software that supports customers’ rapid growth. Through this, customers are able to specify the geographic areas where their data is to be stored. The software provides a single comprehensive view of each customer and enables clients’ to offer better services through a range of channels. T24 allows clients to customize the platform tailored to their requirements such as loans that permit for irregular repayments to reflect the seasonality of the agricultural sector.

“Our cloud banking software that runs on the Microsoft Azure computing platform has more than 240 million user accounts from companies and organizations in 127 countries,” says Arnott. The platform provides flexibility and operational efficiency, and reduces risk outages in the clients’ system.

Through Azure as its cloud platform provider, Temenos delivers data protection and compliance processes for customers cloud system.

Our goal is to deliver products for financial institutions to stay on the vanguard of technology and enable them to be competitive within the financial services marketplace as a whole

In one instance, Euro Pacific Bank, an offshore private bank client of Temenos, wanted to add new technology systems that would accommodate its growth and expansion. Most of the operations were carried out as time-consuming manual processes and this lead to data risk and breaches in their system. In order to replace their on-premise solution, the client approached Temenos to deploy the cloud-based T24 system for a secure and logical way to store data. Temenos’s model bank system enabled a comprehensive analysis of individual customers for the client and helped the client provide the required customer services. “Upon implementing T24, the company was able to offer highly competitive rates to all its customers,” adds Arnott. The T24 system gained access to global compliance system that enabled the client with high level of automation.

To thrive in the rising competition, the company values accountability, commitment, and quality in innovation. “We have developed a range of complementary programs focused on staff welfare, engagement, and satisfaction for the growth of the organization,” exclaims Arnott. “Now we are investing in product development again and have plans to enhance our financial services in the near future.”