It appears that Temenos and Amazon have a good thing going, so they are extending a partnership that began in 2019 to power digital banking services.
Banking software company Temenos and Amazon Web Services (AWS) extended their global relationship for the Swiss company to run its solutions on AWS, Geneva-based Temenos announced Wednesday.
Temenos said that it is seeing «tremendous growth» in software as a service (SaaS) business and the adoption of its digital banking platform. In reaching a multi-year agreement, Temenos will be able to offer its full range of digital banking solutions via the cloud on AWS.
According to Temenos, for banks to get their digital services to market faster, they are turning to packaged banking services, such as microservices that are available via APIs. These applications can be customized and extended via partners or banks eliminating the need for in-house development from scratch.
«We are seeing an acceleration in our subscription-based business, and with this multi-year agreement we are offering our clients more choice in embracing the cloud for digital banking services and new business models such as banking-as-service with more certainty, predictability and at a lower cost,» Temenos CEO Max Chuard said.
Data Sovereignty
Another advantage to using AWS is the use of so-called «availability zones» which provides a high level of availability within a single region and avoids issues surrounding data sovereignty.
In addition, banks can reduce costs of ownership since they are then able to reduce their infrastructure management.
Temenos provides its services to around 3,000 banks globally for the processing of daily transactions and client interactions.
