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
Pure Lithium Receives Australian Patent for "Lithium Metal Anode and Battery"6.8.2026 23:49:00 EEST | Press release
Pure Lithium Corporation, a vertically integrated next-generation lithium metal battery technology company, today announced that the Australian patent office has granted the company a patent (AU2025271196) titled “Lithium metal anode and battery.” Australia mines roughly half of the world’s lithium, yet has no domestic battery production at all; every battery the country uses is imported. The granted patent is directed to ways in which Pure Lithium’s technology can change that. Rather than trying to catch up in lithium-ion, Australia can leapfrog the incumbent technology and establish a next-generation industry. As worldwide demand for batteries grows, every country capable of making batteries needs to be making them. That is Pure Lithium’s central goal: opening up markets around the world through battery technology that enables local, independent supply chains, keeping pace with demand and strengthening economies. China controls the lithium-ion battery supply chain and manufactures th
Vercel Appoints Amit Agarwal, Standard Template Labs CEO and former Datadog President, to Board of Directors6.8.2026 18:00:00 EEST | Press release
Vercel, the agentic infrastructure company, today announced the appointment of Amit Agarwal, former president of Datadog and founder and CEO of Standard Template Labs, an AI-first service management platform, to its board of directors. Agarwal brings 25 years of enterprise software experience and a track record of scaling a product-led company from its earliest days into one of the defining public software companies of the cloud era. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260806738617/en/ Amit Agarwal Agarwal joined Datadog in 2012 as its Chief Product Officer and was named President in 2022, overseeing product, corporate development, and go-to-market functions as the company grew past $2.5 billion in annual revenue. Across 13 years, including Datadog's 2019 IPO and its first years as a public company, Agarwal helped build one of the industry's most studied examples of product-led growth at enterprise scale. He conti
Laserfiche Launches Advanced Enterprise Security to Deliver Multi-Region Disaster Recovery and GovRAMP-Ready Compliance for Highly Regulated Industries6.8.2026 17:00:00 EEST | Press release
Laserfiche — the leading SaaS provider of intelligent content management — today announced the launch of Enterprise Security, an advanced suite of security enhancements designed for organizations navigating complex regulatory environments. Enterprise Security addresses GovRAMP and CJIS (Criminal Justice Information Services) security requirements based on the NIST SP 800-53 framework. For organizations handling privileged citizen, legal or corporate data, these built-in controls streamline audit preparation and fortify defenses. With organizations placing a higher priority on data stewardship and corporate governance, enterprise IT leaders require a security architecture that protects data without slowing down operations. Laserfiche Enterprise Security extends Laserfiche Cloud’s highly resilient infrastructure with multi-region data replication, elevated security controls for privileged accounts, and built-in governance safeguards. “Maintaining data integrity and compliance has always
Khimji Ramdas Group Chooses Rimini Street to Reduce SAP Support Costs, Protect 700+ Customizations and Reinvest Savings in Innovation6.8.2026 16:00:00 EEST | Press release
Rimini Street, Inc. (Nasdaq: RMNI), the Software Support and Agentic AI ERP Company™ and the leading third-party support provider for Oracle, SAP and VMware software, today announced that Khimji Ramdas Group, one of Oman’s largest privately held conglomerates, has selected Rimini Support™ for SAP, a move that has helped the organization reduce costs, reinvest savings in AI innovation and maintain its highly customized SAP ECC 6 environment with zero downtime. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260806244148/en/ Khimji Ramdas Group Chooses Rimini Street to Reduce SAP Support Costs, Protect 700+ Customizations and Reinvest Savings in Innovation “Staying on SAP ECC is a strategic decision for us,” said Prashant Kumar, CTO, Khimji Ramdas Group. “We went to an industry analyst to ask what options we have to keep our ECC systems running without vendor support dependencies, and they suggested that we contact Rimini Stree
AM Best Upgrades Fortegra Insurance Subsidiaries to A (Excellent)6.8.2026 16:00:00 EEST | Press release
The Fortegra Group, Inc. (“Fortegra” or the “Company”), a global specialty insurer and part of DB Insurance Co., Ltd., today announced that AM Best has upgraded the Financial Strength Rating (FSR) of its insurance subsidiaries to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) to “a” (Excellent) from “a-” (Excellent). The outlook assigned to the ratings is stable, and AM Best removed the ratings from under review with positive implications. KBRA has also upgraded all of its ratings for the Company. The upgrade applies across Fortegra’s insurance platform. The property and casualty companies include Lyndon Southern Insurance Company, Insurance Company of the South, Response Indemnity Company of California, Blue Ridge Indemnity Company, Fortegra Specialty Insurance Company and Fortegra Europe Insurance Company SE. The life and health companies include Life of the South Insurance Company, Bankers Life Insurance Company of Louisiana and Southern F
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