Temenos (SIX: TEMN), the banking software company, today announced that three Finnish banks – Savings Banks Group, Oma Savings Bank Plc and POP Bank Group – have selected Temenos T24 Transact and Temenos Payments Hub (TPH) to underpin their digital transformations.
Their new shared digital core banking platform will be implemented and managed by Cognizant, one of the world's leading professional services companies, through its recent acquisition of Oy Samlink Ab (Samlink).
Temenos and Cognizant are collaborating on a 'Banking as a Service' platform that will initially be made available to clients in Finland with plans for further expansion into the Nordics. The platform is an efficient, agile and cost-effective way for banks to modernize core banking systems and further develop digital strategies.
The new platform, based on cloud-agnostic, cloud-native, Temenos T24 Transact and Temenos Payments Hub is expected to yield exceptional operational efficiencies and faster time to market. Temenos' deep experience with other Nordic banks such as Nordea and Aktia, and the packaged functionality of Temenos' country model bank, combined with the most advanced agnostic technology, will offer dramatically reduced cost of deployment, providing banks with greater agility and accelerating the speed of innovation.
Cognizant and Temenos will work together to transform and operate the banks' common core banking systems, supporting each bank's enterprise digital strategy. Each bank will benefit from operational efficiencies and be able to offer more compelling digital experiences to its customers across all channels. The new technology will help the Finnish banks to become more agile and have the ability to innovate faster. Once implemented, more than 10% of Finnish banking deposits and loans will be managed by the new platform.
Ramesh Ramani, Senior Vice President, Cognizant, said: "We needed a strategic technology partner with robust, scalable technology to power the banks' digital shared banking platform and support their individual digital transformation goals. Temenos and Cognizant have been strategic partners for approximately ten years. With its Nordic and global experience, Temenos emerged as the ideal partner. The new core banking platform, based on Temenos software, will enable the banks to streamline processes with greater agility and scalability, provide cost efficiencies across IT and business operations and accelerate time to market for launching innovative products and services."
Max Chuard, Chief Executive Officer, Temenos said: "This is a strategically important signing for Temenos as it highlights our continued momentum in the Nordics market, where we support flagship banks such as Nordea with their core transformation projects. We are pleased to be partnering with Cognizant and helping the Finnish banks transform their existing legacy banking systems to an open, digital banking platform. Our cloud-agnostic, cloud-native banking software combined with our functionally rich country model means that Temenos technology is now becoming the de facto choice in the Nordic region and beyond for incumbent banks and challengers."