The banking software company extends its IBM partnership with a new deal, which allows banks to open up new business models.
Temenos' core banking system will use IBM’s security capabilities, which include confidential computing technology and «keep your own key»-encryption, according to an emailed statement.
Geneva-based Temenos, which sells software to financial institutions, says the partnership will help accelerate hybrid cloud adoption within the financial services industry.
Neither party made public financial details of the deal. The move comes after the software company teamed up with Alibaba, as finews.com reported last year, underlining its effort to become a so-called software as a service, or SaaS.
Under the new business model it aims to go after more piecemeal sales, while pursuing less large one-time installations. Much of this business is cloud-based, meaning banks can easily and less expensively grab what they need quickly. The technology providers hope for increased recurring revenue as well as scale effects.
