Temenos Delivers Industry First Banking Distribution Services in Temenos Infinity – a Set of Cloud Based Microservices
Temenos (SIX: TEMN), the banking software company, announced that it has delivered new industry first Banking Distribution Services as part of the award-winning Temenos Infinity digital front-office banking product. Temenos Infinity is the first core-agnostic product to give banks the ability to continuously transform at scale, creating AI-driven customer experiences. Through upgradeable, standalone distribution services banks are able to retain their own apps and digital banking experience but offer deeper personalized customer engagement capabilities. As the first to deliver a packaged, API-driven, digital front-office capability allowing banks to create hyper-personalized experiences while building on cloud-native, cloud-agnostic microservices, Temenos uniquely enables continuous renovation at scale of sales, servicing and marketing capabilities For the largest banks worldwide, requiring an architecture that abstracts the underlying complexity from delivery of personalized service across channels, to small banks wanting to differentiate through innovation and services, Temenos Infinity delivers agility and extensibility to both through its new microservice distribution. Temenos Infinity is available “out-of-the-box” with Temenos Transact or as a package of services for use on any core, in any architecture.
Max Chuard, Chief Executive Officer, Temenos, said: “At Temenos, we recognize that distribution has split from manufacturing in response to open banking and other structural changes in the banking industry. Last year we launched Temenos Infinity and Temenos T24 Transact to offer banks more choice in how they wish to transform and today we are launching another Industry first with the delivery of API and microservice based distribution services in Temenos Infinity. This major milestone, unmatched in the digital banking market, gives banks the ability to offer personalized, explainable AI driven products, rapid development and deployment, and reduced cost of operation up to an enterprise-wide scale. While other digital banking products put limits on the biggest banks, Temenos Infinity gives a path to the future”.
Building on its already-extensive set of standalone Temenos Infinity services, Temenos now offers banks these new distribution services:
- Originations and Onboarding. Consistency and low friction for onboarding and origination of customers and/or products are of paramount importance. This is incredibly difficult to achieve when banks have different products in different systems with differing requirements. The Originations Distribution Service manages the business processes associated with onboarding of customers and origination of products encompassing business processes workflows, associated rules, task assignment, in-flight applications persistence and fulfilment in one place. This distribution service provides optimization in the user journeys through Journey Analytics irrespective of the platform on which apps are built. Smart AI-driven credit scoring of the applications with full explainability of the decisions is fully embedded into this service offering high accuracy, transparency and automation while accepting/rejecting the applications.
- Marketing Catalogue. Banks typically have between 50 – 500 products for sale at any one time. As a customer of the bank, how do I know what product is best for me? Temenos Infinity Distribution service is a complete source of system-independent data of product details and marketing content crossing all the banks products, and capable of consuming products and services outside of the bank. Examples include products offered by fintechs (such as payment devices) or real banking products that can be sold and marketed on behalf of other banks. Temenos AI-based customer needs analysis learns and deciphers models to allow better products and increased cross-selling across the entire spectrum of the banks desired product placement and marketing strategy.
- Real Time Engagement for Marketing. Contextual banking is the ability to understand the client at moment they are engaged with the bank; e.g. a large purchase could offer immediate goal-based decisions on whether to pay with cash, card or short-term personal finance. This distribution service stores offers and allows banks to utilize AI with input captured from multiple sources to deploy engagement campaigns in real time. These are used in conjunction with real- time analytics and AI models covering customer attrition, customer lifetime value, next best product, and transaction outlier detection.
- Multi-Party Services. Multiple systems, multiple customer records and inconsistent data, are routinely a day in the life of every bank. Given that onboarding is automated, a customer of the bank expects one place to go to change any and all data related. This data needs to be up-to-date for regulations such as KYC tax and even groups and corporate structures as applicable. This distribution service contains all Party information and structures needed to support sales, servicing and marketing the bank undertakes making those processes low friction. It provides a central repository of high quality Party data for Retail, SME, Corporate and wealth customers. KYC refreshes, Taxation, Groups and hierarchies among parties are examples of information provided in this central data store.
- Holdings and Arrangements Services. Designed as high performance, always available, read-only Distribution services, this provides balances and transaction details of all arrangements that customer has with a bank on any digital channel through APIs. For open banking and PSD2 aggregation of external accounts and the ability to transact over them is provided by this unique capability of Temenos Infinity. It enables banks to deliver high performance open banking experiences. The balances and transaction data is further classified and aggregated. Where possible they categorized at a more granular level using AI-driven automation and learning. Manual categorization possibility further enhances this process. All of this leads to a deeper more meaningful personalization capability of the data for sales and real time engagement.
- Payment Initiation. A distribution service dedicated to capture, validate and submission of international, domestic and instant payments of various regions independent of core/payment execution system. The services provide the ability to reserve funds offer advice on the fastest, best and or cheapest route for the money flow providing exceptional customer experience. The customer can accept the payment route before execution or change as needed. Based on AI-driven transaction prediction and smart payment routing models, this distribution service can offer personalized payment services at an account level based on learning and additional models.
- Funds Authorization service: This service provides the ability to check and reserve funds on an account for all payments that are initiated in a bank before the payment is executed in any core/ payment system. This ensures digital payment services are available without any interruption even if payment systems are unavailable. The risk to the bank, therefore, is greatly reduced when banks sometimes, and with legacy cores, operate in the “acceptable risk” zone of when the core is closed for processing.
In the open banking environment, banks are moving to separate product distribution from manufacturing to take advantage of opportunities for distribution across multiple channels and to establish new business models and meet the demands of their customers. Temenos Infinity distribution services allows this.
Packaging of these distribution services separate from core manufacturing makes Temenos Infinity the first to deliver a modern layered bank architecture with the banking features, salable products and marketing capability all inbuilt. Additionally, for large banks aspiring to lead development of their own AI-driven personalized open banking experiences, building on packaged microservices will allow a quicker delivery that is more agile and better able to adapt to Open Banking, regulations and market change opportunities.
Another innovation for Temenos Infinity is the separation of applications from the API-driven distribution services. This gives each bank the ability to consume Temenos Infinity products at their desired level. For banks requiring a packaged solution to address retail, business or corporate banking, or wealth management customer journeys, Temenos Infinity Apps provide an extensible business solution. For banks wanting to take greater control of their trajectory and build their own apps from a proven set of API-driven distribution services, Temenos Infinity gives them a low risk, fast to market, upgradeable option which allows the bank to quickly adapt and adopt any new or enhanced distribution service offering more capability, combined with the ever learning AI capability models being drawn in from a global audience.
Temenos Infinity is the first to offer banks an API driven product delivery, where the banking platform is delivered as a set of API accessible services, and the user visible journeys are created by the bank using their preferred design tools. Its cloud-native, cloud-agnostic standalone distribution microservices allow banks to focus on differentiating customer experiences, while benefiting from a packaged set of services for the difficult data collection, security, AI based personalization and FinTech integration behind the scenes. It addresses the realistic needs of banks continuously renovating a mixed environment of core systems.
Temenos Infinity enables banks to easily integrate with banking and non-traditional third parties using open APIs, taking advantage of the open banking opportunities. It is the most open and agile SaaS product available, allowing banks to continuously extend and expand their digital experience for all or portions of the customer lifecycle. Temenos Infinity is available on premise, as a SaaS offering, or in the cloud via Microsoft Azure, AWS and Google Cloud. Temenos Infinity can be deployed alongside any core banking system or pre-integrated with Temenos T24 Transact, the market leading core banking product.
– Ends –
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 25.2% 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.
For more information, please visit www.temenos.com.
Jessica Wolfe & Grace Collins
Temenos Global Public Relations
Tel: +1 610 232 2793 & + 44 20 7423 3969
Email : email@example.com
Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
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
HighRes Biosolutions and Novo Nordisk partner to transform drug discovery in automated Lab of the Future24.1.2020 17:00:00 EET | Press release
HighRes Biosolutions and Novo Nordisk A/S today announced that they will collaborate to design a state-of-the-art robotic platform for high-throughput biologics engineering and characterisation. The integration of a multi-system robotics platform with sophisticated software control architecture will enable a digital transformation and accelerated discovery for Novo Nordisk’s peptide and large molecule therapeutics research. “In order to maintain our leadership within biologics engineering we are investing in a fully automated and digital design platform. This investment is linked to our build-up in AI and advanced analytics and demonstrates Novo Nordisk’s commitment as a world leading biologics research company,” said Lars Fogh Iversen, senior vice president, Global Research Technologies, Novo Nordisk. The platform will comprise several highly automated and integrated cells for production, characterisation and functional analysis of thousands of biologic compounds every month. Its scop
Conquest Invests in 5 Greenfield Onshore Wind Parks Totalizing 43MW in the Flanders Region24.1.2020 15:37:00 EET | Press release
Conquest, acting through the Conquest Sustainable Infrastructure fund, announced the transaction was closed after an exclusive agreement had been reached with ENGIE Electrabel. Conquest acquires 51% of a portfolio expected to provide 111 GWh per annum of renewable power representing the annual electricity consumption of about 32,000 Belgian homes from early 2021 onwards. The projects benefit from 15 to 20-year green certificates local remuneration schemes, and thus generate yearly secured revenues. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200124005221/en/ Credit: Electrabel While the energy and digital transitions continue to drive the infrastructure sector, Conquest keeps building its diversified sustainable real asset portfolio in Western European markets. The success lies in years of collaboration and long-lasting partnerships with fellow industry experts who can notably facilitate access to new growth opportunities
Fluence Expands EMEA Footprint with Horticulture Partners in Papenburg, Germany24.1.2020 14:00:00 EET | Press release
Fluence by OSRAM (Fluence), a leading global provider of energy-efficient LED lighting solutions for commercial cannabis and agriculture production, announced today it is expanding its presence in the Emsland region of Germany through partnerships with growers and other horticulture specialists operating out of Papenburg. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200124005109/en/ Friedrich Schulz’s 5.5 hectare farm—which grows herbs year-round in addition to lettuce, peppers and chives—utilizing VYPR 2p fixtures. (Photo: Business Wire) Given Papenburg’s decades-long history of attracting horticulture experts, Fluence’s innovative lighting solutions for horticulture are a natural fit for the region’s tomato, cucumber, leafy greens and herb growers. Forging connections with Papenburg’s horticultural leaders Elektro Evers, an engineering firm specializing in greenhouse technology, is Fluence’s exclusive systems integrator
HCL Technologies Honors Global Goodwill Champions at the 2020 World Economic Forum in Davos24.1.2020 12:47:00 EET | Press release
HCL Technologies (HCL), a leading global technology company, today presented its Wave Maker Awards 2020, commemorating global goodwill champions from around the world. The award ceremony, which was held at the HCL Pavilion in Davos, celebrated organizations and individuals passionately committed to such noble causes as diversity & inclusion, education & community upliftment, environment & sustainability, and technology for change. Special guest at the awards was Australian cricket legend Glenn McGrath, who is also founder of the McGrath Foundation, which provides support for Australian women diagnosed with breast cancer and their families. The award recipients were; Lois Auta, Founder and Executive Director of Cedar Seed Foundation, which supports persons with disabilities to participate in all aspects of life; Chido Govera, Founder and Director of The Future of Hope Foundation (TFoHF), which supports marginal and vulnerable members of society through entrepreneurial and self-developme
Ipsen’s palovarotene clinical program in fibrodysplasia ossificans progressiva reaches prespecified interim analysis futility criteria24.1.2020 09:00:00 EET | Press release
Regulatory News: Ipsen (Euronext: IPN; ADR: IPSEY) today announced the decision to pause dosing patients in the global Phase III (PVO-1A-301) study designed to evaluate the efficacy and safety of palovarotene in patients with fibrodysplasia ossificans progressiva (FOP), as well as the ongoing Phase II (PVO-1A-202/204) extension studies. In both the Phase III and Phase II extension studies, palovarotene is dosed both chronically (daily) and episodically (during flare-ups). The decision to pause dosing patients in the trial is based on results of a futility analysis reviewed by the Independent Data Monitoring Committee (IDMC) as part of the prespecified interim analysis. The results of a futility analysis indicated that the Phase III FOP trial was unlikely to meet its primary efficacy endpoint (annualized change in new HO volume as compared with Natural History Studyi) upon completion. Despite the results of the prespecified interim analysis, signals of encouraging therapeutic activity w
Amazentis Announces the Launch of Timeline™ Cellular Nutrition at the World Economic Forum in Davos23.1.2020 23:56:00 EET | Press release
Amazentis announces the debut of Timeline, a next generation nutrition product designed to promote healthy aging, as part of the Swiss Food & Nutrition Valley in the House of Switzerland at the World Economic Forum in Davos, Switzerland. Given the increase in the aging population globally -- according to a 2019 Deutsche Bank study, there are more people on Earth older than sixty five than younger than five for the first time -- it is imperative for consumers to take proactive measures to maintain a high quality of life, for as long as they live. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200123005820/en/ (Photo: Business Wire) Timeline contains the proprietary nutrient Mitopure™, a highly pure form of Urolithin A. After a decade of rigorous research by leading scientists around the world, Mitopure has been shown to help counter age-associated cellular and muscular decline by revitalizing the mitochondria, the powerplants
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