Temenos and IBM Collaborate to Accelerate Hybrid Cloud Adoption in the Financial Services Industry
14.9.2021 09:43:00 EEST | Business Wire | Press release
Temenos (SIX: TEMN), the banking software company, today announced the availability of Temenos Transact next-generation core banking with Red Hat OpenShift on IBM Cloud, to accelerate hybrid cloud adoption within the financial services industry. Temenos Transact provides a clear modernization path for banks to adopt a cloud strategy for their core banking systems and take advantage of advanced technologies. The cloud-native banking platform uses Explainable AI and machine learning to offer corporate and retail banking, wealth management, and treasury functionality to financial services institutions across the retail, corporate, treasury, wealth, and payments sectors while helping to lower operating costs.
As banks balance the need to drive innovation by delivering high-value services and the industry's strict security and compliance requirements, hybrid cloud environments have become increasingly important. By onboarding to IBM Cloud, Temenos will use IBM’s industry-leading security capabilities, including confidential computing technology and 'Keep Your Own Key' encryption. Delivered via IBM Hyper Protect Services1 and backed by the highest level of security certification commercially available, these capabilities ensure that financial institutions retain control of their data.
Additionally, Temenos intends to join a growing ecosystem of partners supporting the IBM Cloud for Financial Services and will onboard its offerings to the platform. IBM Cloud for Financial Services is designed to help financial services institutions address the industry’s stringent compliance, security and resiliency requirements while supporting business transformation and innovation. The ecosystem aims to help financial institutions transact with technology vendors that have met the platform's stringent requirements.
Supporting a mutual vision for increasing innovation in the financial services industry, IBM Global Business Services (GBS) created a new Temenos Services Practice. This unit uses IBM technology and Temenos implementation to deliver long-term value for customers. The GBS Temenos Services Practice offers banks resources designed to increase profitability, reduce costs, and offer the flexibility to support future business growth.
Philip Barnett, President of Strategic Growth and Member of Executive Committee at Temenos, said: "We are delighted to extend our leadership in the cloud by bringing Temenos Transact to the IBM Cloud and also join the IBM Cloud for Financial Services ecosystem. This expanded collaboration will help banks accelerate their move to the cloud and the benefits of a modern cloud-native banking platform. With Temenos' AI-powered, API-first technology, banks can innovate faster, open up new business models, and achieve industry-leading cost/income ratios. Integration with IBM Cloud demonstrates that our cloud-agnostic banking platform enables banks to pursue a multi-cloud strategy and have the highest levels of active-active resilience with the cloud provider of their choice."
Hillery Hunter, Vice President and CTO, IBM Cloud, added: "We've been teaming with Temenos successfully for decades to help financial institutions around the world deploy next-generation banking technology, reduce costs and exploit new pockets of profitability. By deploying Temenos Transact with Red Hat OpenShift and IBM Hyper Protect on IBM Cloud, and leveraging our GBS Temenos Services Practice, customers can take advantage of IBM's leadership in cloud, security and professional services to provide personalized, innovative offerings while protecting data in the cloud."
Kelly Switt, Senior Director, FSI Ecosystem and Strategic Partnerships, Red Hat, said: “Red Hat is pleased to collaborate with Temenos to enable the next evolution of financial services based on open source technology. Red Hat OpenShift, the industry’s leading enterprise Kubernetes platform, offers a strong foundation for financial institutions to innovate and scale in a fast-paced industry. By combining the power of Red Hat OpenShift with leading cloud-native banking solutions like Temenos Transact, financial institutions can capitalize on the opportunity of open hybrid cloud to unlock new business and meet customer demands.
Temenos Transact is a cloud-native, cloud-agnostic core banking solution providing functionality across the retail, corporate, treasury, wealth, and payments sectors. Temenos serves over 3000 financial institutions worldwide, including 41 of the top 50 banks.
– Ends –
About Temenos
Temenos AG (SIX: TEMN) is the world’s leader in banking software. 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 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.temenos.com.
Red Hat, the Red Hat logo and OpenShift are trademarks or registered trademarks of Red Hat, Inc. or its subsidiaries in the U.S. and other countries.
1 Based on IBM Hyper Protect Crypto Service, the only service in the industry built on FIPS 140-2 Level 4-certified hardware. FIPS 140-2 Security Level 4 provides the highest level of security defined in this standard. At this security level, the physical security mechanisms provide a comprehensive envelope of protection around the cryptographic module with the intent of detecting and responding to all unauthorized attempts at physical access.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210913005942/en/
Contact information
Media Contacts
Jessica Wolfe & Scott Rowe
Temenos Global Public Relations
Tel: +1 610 232 2793 & +44 20 7423 3857
Email : press@temenos.com
Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
Email: allnewgatetemenos@newgatecomms.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Nine in 10 Firms Fear In-House Systems Can’t Keep Pace with Executive Pay Demands19.5.2026 16:00:00 EEST | Press release
Managing executive compensation is a growing challenge for financial services firms, with nearly nine in 10 (89%) saying their in-house technology can’t keep pace with demand. New research by CSC, the leading provider of business administration and compliance solutions, shows that rising complexity, regulatory pressure, and expanding global participation place increasing strain on internal systems and teams.1 CSC surveyed 300 senior HR, rewards, and compensation leaders across Europe, Asia Pacific, and North America working in private markets, asset management, insurance, and investment banking. The report, The Future of Reward in Financial Services: Executive Compensation in 2026, explores their responses and examines how firms adapt to increasing complexity in long-term incentive (LTI) schemes. The research revealed that more than four in five (86%) respondents find the administration of compensation schemes is now complex, reflecting the rapid evolution and expansion of LTI structur
Tacton Appoints Manufacturing Technology Leader Mike DiTullio to Board of Directors19.5.2026 16:00:00 EEST | Press release
Tacton, a global leader in Configure, Price, Quote (CPQ) solutions for manufacturers of complex products, today announced the appointment of Mike DiTullio to its Board of Directors. DiTullio is an enterprise software executive with more than three decades of experience working with complex manufacturers. He joins at a pivotal moment in the company’s evolution as Tacton expands beyond CPQ to deliver the Buyer-Centric Smart Factory, a connected approach that unites buyer engagement, engineering, and order fulfillment into a single intelligent system. DiTullio spent 26 years at PTC, most recently as President and Chief Operating Officer, wherehe worked closely with leading manufacturers to transform how they design, sell, and deliver complex products. In that role, he led global commercial operations across seven business units representing more than $1.5 billion in annual revenue and guided the company through its transition to a subscription-based, digital-first business model. His deep
Echodyne and Moog Successfully Demonstrate Reconfigurable Integrated-weapon Platform (RIwP®) at U.S. Army Exercise19.5.2026 16:00:00 EEST | Press release
Echodyne, the radar platform company, and Moog Inc. (NYSE: MOG.A and MOG.B), a worldwide designer, manufacturer, and systems integrator of high performance precision motion and control systems, announce the results of testing of their defensive systems to counter small offensive UAS (“sUAS”) weapons. Capabilities Tested Live detection, lock on with precision tracking, and successfully engaging of Group 1-3 UAS threats in less than 3 seconds. Combined AI targeting, wireless fire control, and radar integration across mission equipment capabilities for defense against small UAS weapons. AI targeting for passive detection, autonomous targeting, track re-acquire, multi-object targeting. Outputs Identified and swiftly rectified critical capability gaps within a simulated battlefield environment. Proved that combining precision data with AI firing solution computation is a cost-effective solution for rapidly upgrading existing kinetic weapon stations to highly effective C-UAS systems. One of
Torq Acquires Jit to Unleash the First Enterprise AI SOC Context Graph—and Rewrite the Future of SecOps19.5.2026 16:00:00 EEST | Press release
Torq, the established agentic security operations leader, today announced the acquisition of Jit, the Boston-based AI Context Graph cybersecurity pioneer. This move marks a dramatic leap forward for the Torq AI SOC Platform by ensuring agentic investigations are precisely informed via organization-specific contextual data. This shift redefines agentic reasoning, moving beyond static facts such as users, devices and their relationships, to prioritize live, dynamic contextual data overlaid on top, including business drivers, and the real-time state of the enterprise. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260519044833/en/ Instead of acting on fragmented data or having investigations triggered by a single alert, Torq AI operates with a unified, continuously-updated, contextual inference, enabling decisions that are not only explainable, but inherently grounded in a single and up-to-date source of truth. This reflects no
Cohere Acquires Reliant AI to Expand Sovereign Enterprise AI for the Global Biopharma and Healthcare Sectors19.5.2026 16:00:00 EEST | Press release
Cohere, the world’s leading sovereign AI company, announced today the acquisition of Reliant AI, a leading biopharma AI company with operations in Montreal and Berlin. This acquisition brings Reliant AI’s world-class research team, proprietary biomedical datasets, and domain-optimized technology into Cohere’s enterprise-grade sovereign AI platform. This significantly expands Cohere’s footprint in the global healthcare and life sciences sectors–where security, data privacy, and regulatory compliance are paramount—and builds on Cohere’s existing partnerships across administrative, clinical, and revenue cycle workflows. The acquisition strengthens Cohere’s position as global sovereign AI leader, building on its established presence in Canada and Germany and growing momentum across Europe. Together, Cohere and Reliant AI will equip healthcare and life sciences enterprises with a powerful combination of cutting-edge AI technology, secure deployment options for highly regulated environments,
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom