Temenos (SIX: TEMN), the banking software company, and Google Cloud today announced a global, strategic partnership to help financial services organizations run mission-critical banking software and applications on Google Cloud, create profitable business models, and improve and differentiate their customer experiences.
The two companies began collaborating in 2019 to integrate Temenos cloud-native, cloud-agnostic software into Google Cloud and have demonstrated success with joint banking customers in Europe and Asia. Under this expanded partnership, Temenos’ full suite of banking software and applications will now be available on Google Cloud, and the two companies will help banks go to market faster, open up new business models, and achieve tangible business benefits.
More than 3,000 financial services institutions around the world leverage Temenos’ modern, cloud-native and API-first technology. As a part of this strategic partnership, banks can run Temenos’ applications in Google Cloud, taking advantage of its scalability, resilience, and global infrastructure. The expanded partnership was announced today at the Paris Fintech Forum 2020, where Max Chuard, Temenos CEO, spoke about ‘Banking in the Cloud’.
In addition, building upon its open approach to cloud, Temenos will be the first global banking software provider to run on Google Cloud’s Anthos, enabling customers to deliver mission-critical workloads across on-premises and cloud environments, or even across multiple clouds.
Anthos is Google Cloud’s hybrid and multi-cloud application platform that enables organizations to migrate and modernize their existing applications, build new ones and run them anywhere, whether it’s in the cloud, on-premises or on multiple clouds. Built on open-source technology pioneered by Google, such as Kubernetes, Istio and containers, it helps banks empower their developers, security professionals, platform teams and operations engineers — enhancing employee and customer experiences, saving bottom-line costs and increasing top-line revenue.
Max Chuard, Chief Executive Officer, Temenos, said: “We see an explosive growth in cloud adoption in the banking industry. We are delighted to extend our leadership in the cloud and strengthen our strategic partnership with Google Cloud, a leader in innovation in cloud computing. As a strategic global banking software partner of Google Cloud, we will bring to market innovative solutions that combine our API-first, cloud-native, microservices-based banking software with Google Cloud’s scale and leading cloud capabilities. Our customers will benefit from the winning combination of Temenos’ functionally rich and technologically advanced digital banking platform on Google Cloud. Together, we will enable banks to reduce their time to market and operational complexity, as well as elastically scale and deliver outstanding digital customer experiences. With Google Cloud’s Anthos, we give banks the freedom to innovate and reap the true benefits of multi-cloud.”
Thomas Kurian, Chief Executive Officer, Google Cloud, said: “Temenos delivers market-leading banking software applications to thousands of the world’s leading financial services organizations, and we’re excited to expand our strategic alliance with them. Extending Temenos’ core capabilities to Google Cloud helps banks digitally transform their business and deliver entirely new customer experiences and offerings.”
Temenos has been in the forefront of software innovation, consistently investing 20% of its revenues in R&D and is pioneering in cloud banking for the last 10 years. Temenos enables banks to significantly reduce their total cost of ownership through elastic cloud scalability, distributed database technology and multi-cloud resilience, all underpinned by the benefits of vendor and platform independence. Temenos accelerates banks digital transformation helping them to become more agile and innovate faster.
About Google Cloud
Google Cloud provides organizations with leading infrastructure, platform capabilities and industry solutions, along with expertise, to reinvent their business with data-powered innovation on modern computing infrastructure. We deliver enterprise-grade cloud solutions that leverage Google’s cutting-edge technology to help companies operate more efficiently, modernize for growth and innovate for the future. Customers in more than 150 countries turn to Google Cloud as their trusted partner to solve their most critical business problems.
Temenos AG (SIX: TEMN), headquartered in Geneva, is the world’s leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic front office and core banking, payments, fund management and wealth management software products enabling banks to deliver consistent, frictionless customer journeys and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve industry-leading cost-income ratios of 26.8% and returns on equity of 25.0%, 2X better than the industry average. These clients also invest over 53% of their IT budget on growth and innovation versus maintenance, which is 2.5X the industry average, proving the banks’ IT investment is adding tangible value to their business.